The world's biggest memory-chip and smartphone maker forecast operating profit of $11bn (£8bn) for the three months to the end of June. Since th

Global chip shortage: Samsung forecasts 53% jump in quarterly profit

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2021-07-07 11:30:08

The world's biggest memory-chip and smartphone maker forecast operating profit of $11bn (£8bn) for the three months to the end of June.

Since then demand for electronics components has surged as people shifted more of their lives online, while many chip makers struggled to keep up with demand.

The South Korean electronics giant's outlook easily beat analysts' expectations, signalling continued strength for the technology industry.

In recent months, computer chip makers in particular have had much greater power to increase their prices during the historic supply crunch.

In March, Samsung's co-chief executive and mobile chief, Koh Dong-jin told shareholders: "There's a serious imbalance in supply and demand of chips in the IT sector globally."

He also said that the company was working with overseas partners to meet demand as global shortages caused supply disruptions.