Samsung Q2 profit up more than 15-fold as chip prices rise

SEOUL (Reuters) -Samsung Electronics reported on Wednesday a more than 15-fold rise in its second-quarter operating profit, as rebounding semiconductor prices driven by the artificial intelligence boom lifted earnings from a low base a year ago.

The world’s biggest maker of memory chips, smartphones and TVs said operating profit rose to 10.4 trillion won ($7.52 billion) in April-June, up from 670 billion won a year earlier.

That was in line with Samsung (KS:)’s own estimate of 10.4 trillion won flagged earlier this month.

Revenue rose 23% to 74 trillion won.

($1 = 1,383.0100 won)