Samsung Electronics posted an estimated 50 per cent jump in quarterly operating earnings this morning following strong demand for its products.
Not only did these results mark the firm’s highest first-quarter profit since 2018, but it also topped expectations thanks to robust smartphone sales: first-quarter profit hit 14.1 trillion won ($11.6 billion), versus a Refinitiv SmartEstimate of 13.3 trillion won.
Revenue likely rose 18 per cent from the same period a year earlier to a record 77 trillion won, also above market expectations.
Although memory chip prices dipped in the first quarter, analysts told Reuters that solid demand from data centre clients as well as cautious investment spending by chipmakers and limited capacity expansion buoyed Samsung’s chip earnings, which make up about half of its total profits.
Samsung will release full earnings at the end of the month, as well as a strategy for boosting its memory chip business.