April 07, 2022: Samsung Electronics Co Ltd reported on Thursday an estimated 50% jump in quarterly operating earnings to post its highest first-quarter profit since 2018, beating expectations as solid demand underpinned prices for memory chips.
Earnings at the world's largest memory chip and smartphone maker were also supported by brisk smartphone sales in the quarter, along with disruption at a rival NAND Flash chip plant, analysts said.
Samsung put its first-quarter profit at 14.1 trillion won ($11.6 billion) in a preliminary earnings release, versus a Refinitiv SmartEstimate of 13.3 trillion won. Revenue likely rose 18% from the same period a year earlier to a record 77 trillion won, also above market expectations.
Samsung is due to release detailed earnings on April 28, when investors will be interested to hear any comments on its M&A plans, how it plans to operate its memory chip business to boost profitability, and the chip demand outlook.