South Korean tech giant Samsung Electronics announced Wednesday that it expects an operating profit of about 12.5 trillion Korean won (around $10.99 billion) in the second quarter, a year-on-year increase of 53.4 percent, driven by a good performance by its chips division.

This would also be 33.3 percent more than the operating profit that the South Korean tech giant posted between January and March of this year.

In its earnings guidance report, the company, which is headquartered in Suwon, forecast that consolidated sales for the April-June period will be about 63 trillion Korean won.

This is 19 percent more than that of the same period of 2020 but 3.65 percent lower than the figure Samsung recorded in the first quarter of this year.

Both figures beat most analysts' estimates.