Samsung Electronics' net profits surged more than 70 percent in the second quarter thanks to higher memory chip prices fuelled by pandemic-led demand, the South Korean tech giant reported Thursday.
Coronavirus-driven working from home boosted demand for devices and appliances powered by Samsung's memory chips. The company said that "memory shipments exceeded previous guidance and price increases were higher than expected".
The world's biggest smartphone maker saw net profits rise 73.4 percent year-on-year to 9.6 trillion won ($8.4 billion) for April-June, the company said in a regulatory filing.
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