• Friday, September 17, 2021
India Corona Update 
Total Fatalities 443,928
Total Cases 33,347,325
Today's Fatalities 431
Today's Cases 30,570
Pakistan Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
Sri Lanka Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
Bangladesh Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
UK Corona Update 
Total Fatalities 418,480
Total Cases 31,216,337
Today's Fatalities 3,998
Today's Cases 42,015
India corona update 
Total Fatalities 443,928
Total Cases 33,347,325
Today's Fatalities 431
Today's Cases 30,570

Business

Samsung sees 53 per cent growth in quarterly profit amid chip shortage

(Photo: ISSOUF SANOGO/AFP via Getty Images).

By: Shilpa Sharma

TECHNOLOGY major Samsung Electronics said it expects the company’s quarterly profit to grow 53 per cent amid a global chip shortage.

The world’s biggest memory-chip and smartphone maker has forecast an operating profit of £8 billion for the quarter ending June, as strong demand for memory chips is likely to offset weaker sales of devices.

Since the beginning of the pandemic, demand for electronics components has surged as people shifted more of their lives online.

The upbeat projection by Samsung signals continued strength for the technology industry.

In recent months, computer chip makers have attained much power to increase their prices due to the historic supply crunch.

Last month, Samsung’s co-chief executive and mobile chief, Koh Dong-jin told shareholders, “There’s a serious imbalance in supply and demand of chips in the IT sector globally.”

The global chip shortage also affected car industry, with major manufacturers around the world being forced to halt production at several times.

In recent months, auto brands including Ford, General Motors, Volkswagen and Jaguar Land Rover have all suspended their production lines.

To counter this global shortage, las month, US president Joe Biden and European commissioner Margrethe Vestager unveiled plans to manufacture more computer chips in Europe and the US.

To boost chip-manufacturing, the EU promised an allocation of $150bn (£108bn), while US announced a sum of $52bn (£37.3bn) for domestic chip manufacturing.

Eastern Eye

Related Stories

Eastern Eye

Videos

Mamta Handa on her chat show Be You, experience of…
Pranutan Bahl on Helmet, its direct-to-digital release, if Salman Khan…
Karan Nath on his journey in Bigg Boss OTT, his…