Samsung Electronics Q1 profit jumps 50.5 pct, driven by chip, mobile sales

It 08:52 April 28, 2022

SEOUL, April 28 (Yonhap) -- Samsung Electronics Co. on Thursday reported its best first-quarter earnings in four years on the back of solid chip and mobile demand.

The world's largest memory chip and mobile phone maker said its operating profit rose more than 50 percent to 14.1 trillion won (US$11.1 billion) year-over-year in a regulatory filing.

Its January-March operating income beat the market consensus of 13.2 trillion won from a survey by Yonhap Infomax, the financial arm of Yonhap News Agency.

Sales increased 18.9 percent on-year to 77.7 trillion won in the first quarter, the all-time quarterly record and the third consecutive quarter that the tech giant has logged more than 70 trillion won in quarterly sales.

Prices of memory chips, which support a great portion of Samsung's top and bottom lines, held up better than expected.

Robust demand for server memory chips, smartphones and high-end home appliances helped boost the tech giant's profits.