Samsung Elec sees chip demand boost Q2 profit

Samsung posted a second quarter profit boost of 54% on Thursday, driven by higher chip prices and better than expected demand.

That's their strongest result in more than two years, and sends another signal that the global economy is bouncing back from the health crisis.

The world's top memory chip and smartphone maker forecasts that trend will continue-

They say demand for chips in the second half of the year will increase and the mobile market will recover to levels before 2020.

Samsung, meanwhile, posted a dip in mobile profits caused by disruptions in the processor chip supply chain.

The global chip shortage is putting extra pressure on smartphone makers as they prepare to launch new products in the second half of the year.

Smartphone rival Apple said on Tuesday it expected the impact of the chip shortage to worsen in the fourth quarter and extend to iPhone production.

Samsung plans to unveil its next flagship foldable smartphone next month, expected to be compatible with a stylus.