Samsung Electronics has smashed its profit record for the second quarter with its latest results, while expecting the success to continue throughout the year.
Total net profit came in at $9.9 billion, an 89% rise from the equivalent result of last year. This result shows that the company has deflected potential damage caused by events including the recall of the Galaxy Note 7.
Samsung has attributed the explosive growth to the chip market that has come in to high demand in recent months, with the Galaxy S8 also performing well, despite not beating S7 sales by as much as anticipated.
Considerable momentum has also been built by the company’s dealings with the liked of Apple and Sony. Samsung has been providing these giants with components including OLED displays.
Another scandal that appears not to have had any significant effect on the major growth of Samsung is the arrest of Lee Jae-yong, vice chairman of the Samsung Group. Jae-yong is now on trial for involvement in a Korean corruption scandal.
In light of these results, Samsung could be in line to usurp Apple’s number one position in the sector, while last year at the same time there would have been no question of this potential.
In June Gartner unveiled its top 100 vendors in IT, with Apple positioned in pride of place at the top, separated from Samsung by a buffer of $79 billion.
Samsung has other projects in the pipeline which may add to the powerful position the company has assumed. For example, the company has shown interest in expanding its software and services offerings by engaging in acquisitions.
It is also set to release the Galaxy Note 8, a release that will be surrounded by interest due to the major problems with the last model.
Artificial intelligence has also been focussed on; Samsung introduced its AI platform, Bixby, in the recently released Galaxy S8, another factor that may have contributed to the sales success of the latest flagship device.