Samsung boosts profits and pledges to 'mainstream' foldables

Samsung Electronics released its second quarter earnings. The company reported a 20 percent increase in revenue and a 54 percent increase in operating profit, despite the fact that its mobile division suffered from component shortages. Operating profit was 12.57 trillion won, or $10.97billion. This is a reduction of 63.67 trillion won (or $55.56billion) in revenue.Samsung claims that its mobile business was affected by the shortage of components in the industry and production disruptions at its Vietnam factories. Some of these factories were shut down after a COVID epidemic. The weak seasonality and lower demand caused revenue to decline from the previous quarter. However, it was still higher year-on-year.Similar Samsung confirms Z Fold 3 S Pen Support as the Note Line is in SufferingSamsung's largest financial driver continues to be its semiconductor business, which contributed more than a quarter of the company's revenue and more that half of its profits. Samsung claims that memory demand and price rises were higher than originally forecasted, but mobile memory sales were affected by the same issues seen in the smartphone division.Samsung is looking forward to the remainder of the year and says it will consolidate its leadership position in premium [smartphone] segments by mainstreaming foldables, while the display division confirmed that its work on under-screen camera technology. Samsung will announce new phones in its Galaxy Z Fold, and Z Flip lines at an event on August 11th.