Tech giant, Samsung Electronics has predicted a 53% quarterly profit increase amid a global chip shortage.

Samsung forecasted the operating profit of $11bn (£8bn) for three months to end in June.

The world’s biggest memory-chip and smartphone maker said the rise in demand for memory chips has led to poor sales of devices.

The electronics giant easily beat analysts’ expectations and continues to signs deals in the technology industry.

Samsung’s co-chief executive and mobile chief, Koh Dong-jin told shareholders in March of 2021 that “There’s a serious imbalance in supply and demand of chips in the IT sector globally.”

Dong-jin added that the company was collaborating with overseas partners to meet demand as global shortages caused supply disruptions.

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