Samsung beats second-quarter expectations, easing
Photo: Ahn Young-Joon/AP/TT

Samsung beats second-quarter expectations, easing pressure on South Korean stocks

Technology giant Samsung Electronics' operating profit for the second quarter of this year beat expectations. The South Korean stock market is breathing a sigh of relief after this week's volatile trading.

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Samsung, along with competitor SK Hynix, makes up about 60 percent of the South Korean Kospi index. When share prices are volatile, the entire stock market shakes.

Both on Tuesday and Wednesday, the Kospi plummeted.

At 7:45 a.m. Swedish time, Samsung's stock had risen just under 1 percent, and the Kospi was trading just above zero.

Samsung's operating profit for the quarter amounted to 89.4 trillion South Korean won - compared with the expected 88.1, according to CNBC.

Sales are also increasing, by 130 percent to 171 trillion won, but are slightly lower than expected, according to CNBC.

Samsung Electronics is the world's largest manufacturer of memory chips and continues to ride the increased demand from AI companies.

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AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers
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