Samsung first-quarter profit likely surged 45% on bumper smartphone, appliance sales

By Channel NewsAsia8 days ago

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SEOUL: Samsung Electronics likely saw a 45 per cent jump in profit for January-March on robust sales of smartphones, TVs and home appliances, though chip division earnings are seen tumbling after a storm suspended production at its USplant.

Spending more time at home due to the coronavirus pandemic, consumers have splashed out on an array of high-margin consumer electronics which in turn has helped cause a global shortage of semiconductors.

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Operating profit for the South Korean tech giant in the quarter is expected to have climbed to 9.3 trillion won (US$8.2 billion), according to a Refinitiv SmartEstimate drawn from 16 analysts. SmartEstimates assign more weight to forecasts from consistently accurate analysts.

That would mark Samsung's highest operating income level for the first quarter since 2018. Revenue likely rose 12 per cent.

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