Roundup: Samsung Electronics’ earnings post double-digit increase in Q1

0 Comment(s)Print E-mail Xinhua, April 7, 2021
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SEOUL, April 7 (Xinhua) -- Earnings of Samsung Electronics, South Korea’s tech giant, posted a double-digit increase in the first quarter as the COVID-19 pandemic raised demand for mobile phones and home appliances, the company said Wednesday.

Preliminary figure for operating profit came to 9.3 trillion won (8.3 billion U.S. dollars) in the January-March quarter, up 44.19 percent from the same quarter of last year.

It beat market expectations of about 8.9 trillion won (8 billion U.S. dollars)

Revenue jumped 17.48 percent over the year to 65 trillion won (billion U.S. dollars) in the first quarter, nearing the record high of 66.96 trillion won (60 billion U.S. dollars) tallied in the third quarter of last year.

Net income and detailed earnings on each business unit will be announced later this month after an external audit and the board of directors’ approval.

The double-digit growth in earnings came as pent-up demand boomed for smartphones and consumer electronics amid the prolonged pandemic, market watchers said.

The pandemic encouraged people to work from home and attend online classes, propping up demand for electronic devices.

Operating profit of Samsung’s mobile phone unit was estimated at about 4.6 trillion won (4.1 billion U.S. dollars) in the January-March quarter.

The release date of Samsung’s flagship Galaxy S21 smartphone was moved up to January from March, and demand mounted for budget Galaxy A series. The sale of Galaxy S21 topped 1 million some two months after the release.

The number of Samsung smartphones shipped during the first quarter was estimated around 75.5 million.

The estimated operating profit of the consumer electronics unit reached 1 trillion won (896.3 million U.S. dollars) in the first quarter.

Samsung launched new premium QLED TV and promoted the sale of LCD TVs during the quarter.

Operating profit of the chip-making business was estimated at 3.6 trillion won (3.2 billion U.S. dollars) for the first quarter. It was lower than 4.12 trillion won (3.7 billion U.S. dollars) of operating profit recorded a year earlier.

The unprecedented cold snap in Texas suspended the operation of a Samsung factory in Austin, leading to a lower profit in the semiconductor business. Enditem

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