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 profits to increase in the current quarter after announcing its first-quarter operating profit 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 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 cost of ramping up production as well as losses at its Texas following a storm-related stoppage in mid-February 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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