South Korean electronics manufacturer Samsung Electronics Co. in the second quarter of 2022 increased revenue by 23%, net profit – by 15%.

The company’s revenue for the reporting period rose to 77.2 trillion South Korean won ($59 billion) from 63.67 trillion won in the same period last year. Compared to the previous quarter, the figure decreased by almost 1%. Analysts attribute this to falling demand for consumer electronics amid high inflation. Meanwhile, the company’s revenue through the second quarter broke records for three quarters in a row.

Samsung’s net profit in the past three months rose to 11.1 trillion won from 9.63 trillion won. The company’s operating income rose 12% to 14.1 trillion won.

In early July, the company released preliminary quarterly results, according to which it expected revenue of 77 trillion won and operating income of about 14 trillion won. Analysts polled by S&P Market Intelligence had forecast operating income of 14.6 trillion won and revenue of 76.9 trillion won.

The company’s semiconductor division’s revenue jumped 24% to 28.5 trillion won, while operating income jumped 44% to 9.98 trillion won.

The display business posted 7.71 trillion won in quarterly revenue, up 12%. The division’s operating income was 1.06 trillion won, almost unchanged from the previous year.