Samsung Electronics has reported better-than-expected earnings in the second quarter due largely to the so-called semiconductor “super cycle,” or an economic boom that lasts for a long period of time. 

Announcing its projected business performance for the April-June period on Wednesday, the electronics giant said sales reached 63 trillion won and operating profit amounted to 12-and-a-half trillion won. 

Samsung Electronics posted its highest ever second-quarter sales, expanding 19 percent from the same period a year earlier.

Operating profit at the world's largest memory chipmaker jumped more than 53 percent from a year ago, outstripping market expectations by more than ten percent, and reached the highest level since the third quarter of 2018 when the semiconductor industry enjoyed a major boom.

Quarterly sales figures slightly dipped from the previous quarter while its operating profit surged by more than three trillion won in the same period, on the back of a surge in global chip demand.