On July 31, 2019, Samsung Electronics reveals the result of Second Quarter which sees profit plummeting but the demand for crypto mining chips increasing.
According to the Q2 report, Samsung reported an operating profit of KRW 6.6 trillion (approx. $5.57 billion US Dollar) on sales of KRW 56.13 trillion. The company has reportedly experienced a drop of 56% from the same time a year ago.
Samsung Finds Increasing Demand in Crypto Mining Chips
However, the electronic giant expects to grow higher with the cryptocurrency mining chips in the second half of 2019. However, the weakness and price declines in the memory chip market have persisted in the second quarter of 2019. By explaining its upcoming growth plan for the second half of 2019, Samsung is expecting to grow its profit from sources including crypto mining chips. The report reads that;
In the second half, earnings growth is expected to continue due to the ongoing expansion of orders for AP, image sensors and DDI as well as increased
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