Friday, September 20, 2019

Samsung Electronics reports 52% jump in Q1 net profit

Apr 26. 2018
Facebook Twitter

By Agence France-Presse

1,762 Viewed

Samsung Electronics reported a 52 percent jump in its first quarter net profit Thursday, thanks to strong demand for memory chips and its latest flagship smartphone.

Net profit for the January to March period hit 11.69 trillion won ($10.8 billion), up from 7.68 trillion won a year earlier, the company said in a regulatory filing.

Operating profit was a record 15.64 trillion won, in line with the estimate of 15.6 trillion won suggested in a preliminary guidance report released earlier this month.

"The semiconductor business posted solid earnings -- 11.55 trillion won in operating profit on a 20.78 trillion won revenue -- on strong demand for memory chips," the company said in a statement.

Total sales grew 19.8 percent to 60.56 trillion won and Samsung expects the memory business to maintain its strong performance in the second quarter.

But generating overall earnings growth across the company will be a challenge due to weakness in the display panel segment and a decline in profitability in the mobile business in the face of rising competition, it said.

Facebook Twitter
More in News
Editor’s Picks
Top News