Samsung Electronics on Friday said it was expecting an operating profit of 14 trillion Korean won ($12.1 billion) for the quarter hat ended in June, a 72 percent on-year jump that beat analysts predictions.

Reuters reported the average forecast for the smartphone and chip-maker’s second-quarter profit among analysts was 13.1 trillion won.

The South Korean company also said it expected consolidated sales to approximate about 60 trillion won for the same period, climbing 17.78 percent on-year.

Over recent quarters, Samsung’s booming semiconductor business has been a key earnings driver as the company has been trying to reduce its reliance on mobile and build up other areas. Earlier this week, Samsung said it planned to invest $18 billion in South Korea in its chip business to boost its lead in the market.

Analysts told CNBC that Samsung’s operating profits for the quarter could surpass that of Apple’s for the same period for the first time ever. Apple is expected to report revenue of $44.9 billion and an operating profit of $10.49 billion.

Full earnings for the quarter are expected to be released later in the month.

Source: cnbc china
Samsung expects 72% jump in profits for last quarter — would top Apple if expectations hold true