Samsung could soon unseat its biggest rival as the tech world’s biggest money doing machine.
The company reported bumper quarterly earnings on Thursday, putting Samsung on track to record a higher operating profit for the period than Apple.
Samsung pulled in 61 trillion won ($54.8 billion) in revenue in addition to 14 trillion won ($12.6 billion) in profit for the three months ending June 31.
Apple ( will Discharge its earnings for the same period next week. Analysts expect the iPhone maker to report revenue of $44.9 billion in addition to an operating profit of $10.5 billion, according to Reuters in addition to Bloomberg data. , Tech30)
Related: Samsung gears up to launch the Galaxy Note 8
Though Samsung is actually the entire world’s leading smartphone maker, the item was bumper demand for memory chips in which drove the company’s earnings to brand new heights. The chips unit posted 8 trillion won ($7.2 billion) in operating profit, or nearly half the group’s total.
Analysts expect the momentum to continue for the rest of the year, driven by the Discharge of Samsung’s next smartphone, the Galaxy Note 8, in addition to sustained demand for memory chips.
The South Korean tech giant will also benefit coming from the success of rival smartphone makers.
Samsung will see “a meaningful revenue increase” thanks to the supply of display panels “to a major smartphone customer” inside the next three months, Daiwa Capital Markets analyst SK Kim wrote in an investors note.
Samsung’s crazy day: Bumper profits, brand new phone in addition to its chief on trial
in which major customer is actually likely Apple, which has reportedly ordered tens of millions of Samsung display panels for its upcoming iPhone.
Samsung’s windfall caps a tumultuous year for the South Korean conglomerate. Less than a year ago, the company’s fire-prone Note 7 had to be recalled, costing the company more than $5 billion.
The bumper profits also come amid the ongoing criminal trial of Samsung’s de facto leader Jay Y. Lee.
Lee is actually facing charges of bribery in addition to corruption related to a far-reaching scandal in which resulted inside the ouster of former South Korean President Park Geun-hye earlier This kind of year.
Lee’s lawyer has flatly denied the charges.
— Corrected: An earlier product of This kind of story incorrectly stated in which Samsung had never previously posted a bigger quarterly profit than Apple.
sy88pgw (Hong Kong) First published July 27, 2017: 5:58 AM ET