Samsung will soon be releasing its quarterly profits for the second quarter of 2017 and the company is expected to surpass Intel as the world's largest semiconductor manufacturer by revenue.
This is the first time that the Korean electronics company has been able to outsell Intel as a result of increased memory chip sales from April to June. Demand has soared for smartphones and servers with more powerful chips and as a result their sales have gone up.
Samsung also announced on Thursday that it plans to invest $18.6 billion into its home country of South Korea in an effort to further extend its lead on its competitors when it comes to memory chips and next-gen smartphone displays.
Peter Lee, an analyst at NH Investment & Securities, highlighted the firm's recent success in a note to his clients, saying: “From the second quarter, Samsung will become No. 1 in market share due to the recent increase in data centers and demand for solid- state drives.”
The firm's operating profit is expected to jump by 67 per cent from the same period last year to a new high of $11.4 billion.
The success of the Galaxy S8 which launched in April also likely contributed to Samsung's record quarter. The next iteration in its Note line, the Galaxy Note 8, will be unveiled in August and should help the firm maintain its position in the industry.
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