Samsung record profits for Q2

Samsung has announced record profits for the second quarter.

Operating profits of 14 trillion won (£9.38 billion) were up by 72 per cent on the same quarter of 2016, which has been attributed to increasing worldwide demand for memory chips.

Sales also shot up by 18 per cent to hit 60 trillion won, up by 18 per cent on Q2 of 2016, buoyed by success in its smartphones offering, particularly the new S8 model.

Details about how each division within Samsung performed will be revealed when the company issues its final results later this month.

Samsung is the world’s biggest supplier of Oled displays, which look likely to become the de facto standard on smartphones.