Samsung today revealed that it predicts the second quarter of 2017 was the best in its history in terms of profit. The South Korean company believes it raked in around 14 trillion won (approx. $12.1 billion), thanks in part to growing demand for its mobile memory chips.
Samsung expects sales of approximately 60 trillion won (approx. $52.2 billion) for Q2 2017, which is an increase of 18 percent year-over-year. Its profit of 14 trillion won is a rise of 72 percent, and the most the company has ever seen in one quarter. Its previous record was 10.16 trillion won, which was achieved in the third quarter of 2013.
Samsung is yet to provide details on what made its business so successful last quarter — they will come in the full earnings report later this month — but it’s thought that staggering demand for its memory chips played a big part in the growth. It has also seen increases in demand for its displays, while the Galaxy S8 series appears to be selling well worldwide.
Samsung could enjoy even more successful quarters this year. Rumor has it the company will be the exclusive supplier of OLED panels for Apple’s upcoming iPhone 8, with supply chain sources claiming that it will manufacture around 70 million units this year alone. Samsung will also release the Galaxy Note 8 this fall, which is expected to be big.