The South Korean tech giant said its earnings blew past its previous record quarterly net profit of 8.24 trillion won - jumping to 11.05 trillion South Korean won ($9.9 billion) for the three months ended June 30, an 89% rise from 5.85 trillion won for the same period a year earlier. - which came almost four years ago as booming smartphone sales drove growth said The Journal.
It said operating profit soared a forecast-beating 72.9 percent from the previous year to 14.07 trillion won ($12.6 billion), compared with consensus forecasts of $10.6 billion for United States titan Apple, which is due to report next week.
Peter Lee, an analyst at NH Investment Securities, said the biggest variable of Samsung's earnings for the latter half of the year will be the launch of Apple's new iPhone.
While Mr Lee and Ms Park battle allegations of bribery and other charges, Samsung is thriving thanks to tiny microchips called DRAM and NAND memory chips, which are needed to store and process data in servers and mobile devices.
"Greater use of smartphones and tablet PCs instead of computers is driving the rise of companies like Samsung", Chung said.
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Samsung will see "a meaningful revenue increase" thanks to the supply of display panels "to a major smartphone customer" in the next three months, Daiwa Capital Markets analyst SK Kim wrote in an investors note.
LG's appliance division reported operating profit of 466 billion won, steadied by brisk sales for high-end products such as washing machines and refrigerators, as well as lower costs of materials used commonly among its products, analysts said.
The numbers appear to be in line with a report on expected profit they released on July 7. Its forecast for Q2 was $14.4 billion.
Earlier this month, Samsung announced plans to invest $18 billion to expand and upgrade its chip plants in Korea, with the aim of extending its lead in the market. The company's trading business also raised 46 billion won in operating income, a whopping 318 percent surge from a year ago. The rising use of vehicle connectivity and the "internet of things" is expected to drive still further demand for the chips that have helped Samsung move ahead, at least for now.