Memory prices drive Samsung's record Q2 profit

Samsung pulled in $12 billion, thanks to rising demand for memory.

South Korea electronics powerhouse Samsung Electronics Co. Ltd said it expects to post a record profit of about 14 trillion Korean won or about $12.1 billion for the second quarter as surging memory chip prices boost the company's bottom line.

Samsung (Seoul) said it expects its profit to surge 72 percent compared with the second quarter of 2016. The firm said sales rose to an estimated 60 trillion won or about $52 million, an increase of 18 percent compared with the year ago period.

Memory chip prices have been on the rise since late last year as tight supply in DRAM and NAND flash memory has chip vendors scrambling to add capacity. Flash memory chips are also finding uses in more applications such as consumer electronics and solid state drives, leading to higher consumption.

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