Samsung Electronics released some financial results for its second quarter today, ahead of the official release July 24, saying that earnings will be well above market estimates.
Last month, Qualcomm also raised its guidance, but it was unclear whether that meant the cell-phone slump was over. Similarly, in this case, it’s difficult to tell which part of the South Korea company’s business, which ranges from TVs to mobile phones, is responsible for the uptick, however, Lee Min-hee, an analyst at Dongbu Securities told Reuters “it looks like all key businesses — semiconductors, LCD and mobile phones — outperformed expectations.”
Samsung said in a filing with the Korea exchange that it expects to post a consolidated operating profit for April to June quarter of 2.2 trillion to 2.6 trillion won ($1.74 billion-$2.05 billion). Street forecasts had called for around a 1 trillion won operating profit. Samsung’s stock jumped as much as 4.7 percent at one point, its highest intraday percentage gain since early February.