Jul 7, 2021

Global chip shortage: Samsung forecasts 53% jump in quarterly profit

Tech giant Samsung Electronics has said it expects its quarterly profit to rise by 53% amid a global chip shortage. The world's biggest memory-chip and smartphone maker forecast operating profit of $11bn for the three months to the end of June.It said strong demand for memory chips had offset weaker sales of devices due to the shortage of components. Since then demand for electronics components has surged as people shifted more of their lives online, while many chip makers struggled to keep up with demand. If the figures are confirmed later this month, it would be Samsung's biggest second quarter profit since 2018.In recent months, computer chip makers in particular have had much greater power to increase their prices during the historic supply crunch. Last month, US President Joe Biden and European commissioner Margrethe Vestager unveiled plans to manufacture more computer chips in Europe and the US.The initiative is one of the key focuses of a new trans-Atlantic technology alliance known as The Trade and Technology Council.

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