Seoul [South Korea], July 8 (ANI): South Korean consumer electronics giant Samsung has posted a record profit of USD 61 billion (89.4 trillion won) driven by strong demand for AI-related memory chips, as per a report by Korea Herald.

The report noted that Samsung's preliminary operating profit surged 1,810.3 per cent YoY, according to a regulatory filing, while revenue increased 129.3 per cent YoY to USD 112.9 billion (171 trillion won).

The operating profit also exceeded the market consensus estimate of USD 55.5 billion (84.16 trillion won) compiled by Yonhap Infomax by 6.2 per cent.

As per the Korea Herald, the latest results mark another record quarter for the world's largest memory chipmaker.

'The latest results mark another record quarter for the world's largest memory chipmaker, underscoring how the AI boom has sharply lifted prices and demand for high-bandwidth memory and other advanced chips,' the report said.

The company will announce its full earnings report later in July.

In a separate development, Samsung Electronics is set to raise prices for its upcoming foldable smartphone lineup as the ongoing AI memory crunch drives up component costs, highlighting how the AI chip boom is reshaping consumer electronics pricing.

The upcoming price revisions mark a shift from Samsung's historical pricing strategy. According to a report by The Korea Herald, leaked pricing data from South Korean telecom distribution channels suggests that the entry-level Galaxy Z Flip8 will be priced approximately 13 per cent higher than its predecessor due to a global shortage of key memory components.

The Galaxy Z Flip8 provides the clearest year-on-year comparison, given its direct predecessor in the market. Citing local outlet Bloter, the report said the domestic price of the 256GB variant of the Flip8 is expected to reach around 1.68 million won (USD 1,100), marking an increase of about 198,000 won, compared with the Flip7. (ANI)