Tech giant Samsung estimates a record quarterly operating profit for April to June, fueled by a memory chip boom that could set the company up for its best-ever year of earnings. Ryan Brooks reports.
A record-breaking second quarter on the cards for Samsung. The tech giant expecting a 72 percent on-year jump, thanks to a growing demand for memory chips capable of powering complex cloud servers and smartphones. Samsung says estimates operating profit to June was 12 billion dollars, beating analyst predictions. Another stellar report card for the company boosts expectations Samsung's 2017 earnings will be the best-ever. Thanks to both the chips and a new cash cow: flexible, next-generation OLED panels. The company's likely to sell those to Apple next month- for use in the next iPhone this fall. Samsung said this week it would put down $18 billion dollars in South Korea to keep the lead in chips and screens, an investment that promises to create half a million jobs. That move seemed targeted toward investor worries big decisions were on the back-burner while de-facto leader Jay Y. Lee faces bribery charges in court. In the next quarter comes its newest smartphone model. All eyes will be on the Galaxy Note 8's success after last year's model was recalled over batteries prone to catch fire.