Chip demand fuels Samsung earnings
Business is booming at Samsung Electronics Co. Ltd., which reported a second-quarter operating profit of $4.1 billion, up 87 percent from a year ago as sales rose 14 percent.
The results, which beat analysts estimates, were fueled by strong demand for memory chips going into everything from computers to smart phones, according to reports from Bloomberg News. The world’s largest seller of computer memory chips, Samsung is a major supplier to Apple Inc. and to Round Rock-based Dell Inc.
Improving business conditions for the electronics industry have prompted Samsung to spend more for business expansion. Part of that increased spending was the $3.6 billion expansion of its northeast Austin chip factory, which was announced last month.
Samsung employs about 1,000 people in Austin and said the expansion would create another 500 jobs here by next year.