SEOUL: South Korean giant Samsung on Thursday posted record quarterly earnings, putting it on course to overtake Apple as the world's most profitable tech firm as it seeks to move past a bribery scandal and last year's recall debacle. The world's top maker of smartphones and memory chips also said net profit surged almost 90 percent to 11.05 trillion won, its best quarterly result in five years. Profit breakdown showed the firm's semiconductor business raked in 8.03 trillion won in operating profit in the second quarter, up 204 percent from the previous year. "The components businesses drove significant earnings growth... thanks primarily to strong memory demand for high-density DRAMs and SSDs for servers," the company said. With demand for Samsung's memory chips forecast to continue until next year, analyst Roh said: "Samsung is expected to post another record profit in the third quarter at around 15 trillion won."

Source: Economic Times July 27, 2017 02:50 UTC