Samsung increases profits and pledges to make foldables "mainstream."

Samsung Electronics has released its second-quarter earnings, reporting a 20% increase in revenue and a 54% increase in operating profit year on year, despite its mobile division suffering from component shortages. The company earned an operating profit of 12.57 trillion won ($10.97 billion) on revenue of 63.67 trillion won ($55.56 billion).

Samsung claims that its mobile business was harmed by an industry-wide component shortage as well as "production disruptions" in its Vietnam factories, some of which were closed due to a COVID outbreak. Revenue fell from the previous quarter, owing to weak seasonality and lower demand, but it was still up year on year.

The semiconductor business remains Samsung's most important financial driver, accounting for more than a third of the company's revenue and more than half of its profits in the quarter. Samsung claims that memory demand and price increases were higher than expected, though mobile memory sales were hampered by the same issues that plagued the smartphone division.

Looking ahead, Samsung says it will “solidify its leadership in the premium [smartphone] segment by mainstreaming the foldable category,” while the display division confirmed it is working on under-screen camera technology. Samsung has scheduled an event for August 11th, where it is expected to announce new phones in the Galaxy Z Fold and Z Flip lines.

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