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Samsung Electronics' Q1 earnings beat forecast

All Headlines 08:41 April 07, 2016

By Kang Yoon-seung

SEOUL, April 7 (Yonhap) -- South Korean tech giant Samsung Electronics Co. said Thursday its first-quarter operating profit is estimated to have hovered far above the previous forecast, apparently on the back of early sales of its flagship smartphone, the Galaxy S7.

Samsung said it is believed to have posted an operating profit of 6.6 trillion won (US$5.6 billion) in the January-March period, up 10.37 percent from the same period last year. From the previous quarter, the Q1 estimate marks a 7.49 percent rise.

The first-quarter sales came to 49 trillion won, up 3.99 percent from 47.12 trillion won a year earlier, according to the company's earnings guidance. The regulatory filing did not reveal net profits.

The estimated earnings hovered far above the market consensus of 5.6 trillion won by 22 South Korean brokerage houses, according to data compiled by Yonhap Infomax, the financial arm of Yonhap News Agency. The securities firms had forecast sales to reach 49.1 trillion won in the first quarter.

Shares of Samsung Electronics Co. closed 1.98 percent higher at 1,285,000 won on Wednesday, with the benchmark KOSPI rising 0.44 percent. The earnings guidance was released before the stock market opened Thursday.

colin@yna.co.kr
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