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Samsung Q2 profit soars 53% amid strong memory chip demand

South Korea plans support for chipmakers as global competition heats up

Samsung Electronics is benefiting from global demand for semiconductors.   © AFP/Jiji

SEOUL -- Samsung Electronics' operating profit surged 53% in the second quarter from a year ago, the company said Wednesday, as strong memory chip demand amid the coronavirus pandemic more than made up for falling smartphone sales.

The world's largest memory chipmaker released earnings guidance showing that operating profit increased to 12.5 trillion won ($11 billion) in the April-June period, up 53.4% from the previous year.

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