Samsung sees higher chip earnings as Q1 profit jumps 46%

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SEOUL – Samsung Electronics said on Thursday (April 29) it expects chip to increase in the current quarter after announcing its highest first-quarter operating since 2018.

The world’s top maker of memory chips posted a 46 per cent jump in operating profit in the January-March quarter on the back of a 66 per cent profit surge at its mobile business to 4.4 trillion won (S$5.26 billion), the company said.

The jump was led by sales of its flagship Galaxy S21 smartphone series, while profit also soared at its television set and home appliance business, buoyed by continued stay-at-home demand.

Profits at its chip business, however, fell due to the of ramping up domestic production as well as losses at its Texas plant following a storm-related stoppage in mid- that blunted the benefits of strong demand.

Net profit rose 46% to 7.1 trillion won. Revenue climbed 18 per cent to 65.4 trillion won.

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