LG Electronics sees slight profit increase in Q2

With leader jailed, Samsung reports record $9.7 billion profit

With leader jailed, Samsung reports record $9.7 billion profit

The world leader in smartphone, TV and memory chip production brought in 61 trillion Korean Won, worth approximately $54 billion, in revenue in the most recent quarter.

The consumer electronics business posted an operating profit of 320 billion won, down from 1 trillion won posted a year earlier, with the company maintaining lead in the premium TV sector. That's about 60% of the total profits made by what analysts are already calling a "memory super cycle", but there was a decent contribution from something that is near and dear to our hearts as well - the mobile department.

Samsung has released its second quarter earnings, posting record profits and strong growth in most areas of the business.

The mobile business reported operating profit of 4.1 trillion won.

"The company's strategic model going against Apple Inc's iPhone 8 and Samsung Electronics' Galaxy Note 8 in the second half of 2017 is expected to fall short, making it hard for mobile revenue growth".

The company's biggest earnings were driven by the success of its new Galaxy S8 smartphones and surging prices of semiconductors.

Samsung said net profit jumped to 11.05 trillion South Korean won ($9.9 billion) for the three months ended June 30, an 89% rise from 5.85 trillion won for the same period a year earlier.

LG's earnings will likely fall in the second half of 2017 compared with the first as its appliances business enters a traditional off-season, analysts said.

Samsung shares rose as much as 1.6 percent on Thursday, and are near record highs this year, shrugging off the drama surrounding Note 7 and the trial. Analysts expect the iPhone maker to report revenue of $44.9 billion and an operating profit of $10.5 billion, according to Reuters data.

There is room for optimism if the upcoming Galaxy Note 8 performs well following the recall of its predecessor a year ago due to safety issues. The second-quarter report was announced before the market opened Thursday. Detained since February, he has denied wrongdoing through lawyers and is scheduled to speak in court himself within the next week.

The firm's mobile division reported a KRW 132 billion loss, its ninth consecutive quarterly loss, hit by lacklustre sales of its flagship G6 smartphone.

A verdict is expected next month.

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