Samsung boosts profits and pledges to mainstream foldables

Samsung Electronics has released its second-quarter earnings, reporting 20 percent higher revenue and 54 percent higher operating profit year-on-year despite its mobile division taking a hit due to component shortages. The company made an operating profit of 12.57 trillion won (~$10.97 billion) off 63.67 trillion won (~$55.56 billion) in revenue.

Samsung says its mobile business suffered from the industry-wide component shortage as well as “production disruptions” in its Vietnam factories, some of which were closed after a COVID outbreak. Combined with weak seasonality resulting in less demand, revenue declined from the previous quarter, though it was still up year-on-year.

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