SEOUL (Reuters) – Samsung Electronics Co Ltd said on Wednesday second-quarter operating profit rose an estimated 53% as strong chip prices and demand buoyed results despite a decline in smartphone shipments from the previous quarter.

The world’s largest memory chip and smartphone maker said April-June profit was likely 12.5 trillion won ($11 billion), beating an 11.3 trillion won analyst forecast from Refinitiv SmartEstimate.

($1 = 1,136.7800 won)

(Reporting by Joyce Lee & Heekyong Yang; editing by Richard Pullin)