Samsung Electronics Forecast Strongest Earnings In Four Years
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Summary:
- Strong earnings forecast from Samsung.
- Support offered to chip and smartphone makers.
Samsung Electronics forecasted strong earnings
Samsung’s shares rose higher in South Korea trading on Thursday in the wake of Apple Inc’s key rival competitor in smartphones and the world's largest Chip maker forecasted its strongest earnings in 4 years. Samsung said its revenues likely rose 21% and profits 11% up.
Chip sales are the likely drivers of bulk of Samsung’s profits. The preliminary report is customarily released early in July followed by a more detailed update expected later on in July.
The stronger-than-expected profits will likely offer support in increasing investor confidence for both the Chip and smartphones sectors, both of which have suffered from demand erosion and supply-chain issues.
Samsung Price Chart
Sources: finance.yahoo.com, thestreet.com
