Samsung shatters profit record with $58.4B Q2 earnings

Samsung Electronics posted a preliminary operating profit of 89.4 trillion won ($58.4 billion) for the April-to-June quarter, an over 19-fold surge year-on-year that set a new all-time corporate record, defying market fears of an AI investment slowdown that had sent chip stocks reeling after Meta's spending signal earlier this year.

Expected revenue for the second quarter came in at 171 trillion won, up 129.3 percent from the same period a year earlier.

The operating profit figure beat the 84.4 trillion won consensus compiled by FnGuide, while revenue missed analyst forecasts of 173.3 trillion won.

Samsung did not provide a breakdown by business division and is set to release full earnings later this month.