Samsung Electronics estimates 50.3 pct rise in Q1 profits on brisk chip, mobile biz

It 08:58 April 07, 2022

SEOUL, April 7 (Yonhap) -- Samsung Electronics Co. said Thursday it is likely to report its best first-quarter earnings in four years on the back of solid chip and mobile demand.

In its earnings guidance, the South Korean tech giant estimated its operating profit at 14.1 trillion won (US$11.5 billion) for the first three months of the year, up 50.3 percent from a year ago.

Its January-March operating income estimate beat the market consensus of 13.2 trillion won in the data compiled by Yonhap Infomax, the financial arm of Yonhap News Agency that surveyed 10 local brokerage houses last month.

Samsung projected its sales at 77 trillion won in the first quarter, also up 17.7 percent from a year earlier. The figure is also above the market consensus of 76.8 trillion won.

The world's largest memory chip and smartphone maker did not break down the performances of its respective business divisions. It will announce the detailed earnings later this month.