Samsung's second-quarter profit grew 23% year-over-year, thanks to strong chip demand

Samsung Electronics sounded a cautiously optimistic note in its earnings report today. The company is continuing to deal with the fallout of the COVID-19 pandemic, but its memory business was fortified by demand for DRAM chips as data centers adapted to an increase in remote work and education. Samsung Electronics will launch new models of its flagship smartphones, including the Galaxy Note and a foldable device, at its online Galaxy Unpacked event on August 5, but will also focus on increasing sales of low- to mid-priced phones, which it expects to drive revenue during the rest of the year.

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