SEOUL—South Korea’s Samsung Electronics Co. Ltd. turned in its best April–June profit since 2018 on Thursday, underpinned by strong sales of memory chips to server customers even as demand from inflation-hit smartphone makers cools.
Shares of the world’s largest memory-chip and smartphone maker closed up 3.2 percent after preliminary results were announced, versus a 1.8 percent rise in the wider market.
Shares of other chipmakers, including rival SK Hynix and the world’s biggest foundry TSMC, also rose as analysts said tight supply of certain chips could help offset slower demand that is driving down memory chip prices.
Samsung posted an operating profit of 14 trillion won ($10.7 billion), up 11 percent from 12.57 trillion won a year earlier, just shy of a 14.45 trillion won SmartEstimate from Refinitiv….