Samsung Electronics Co. Ltd.’s profit is believed to have surged 45% for January-March, according to Reuters. The purported jump was fueled by bumper sales of smartphones, TVs, and home appliances during the pandemic.
Samsung is expected to report a jump in operating profit to 9.3 trillion won or $8.2 billion in the first quarter, the highest since 2018.
Samsung’s revenue is projected to have jumped by 12% in the quarter.
Mobile division is projected to have a stand-out quarter, benefiting from the launch of its Galaxy S21 series in mid-January
Samsung is said to have cornered about 23% of the global market in the first quarter, up from 20% in the same quarter a year ago, due to the launch of Galaxy series with cheaper-than-usual pricing.
Analysts also project that the operating profit of Samsung’s high margin accessories such as Galaxy Buds soared by more than 1 trillion won from a year earlier to about 4.15 trillion won.
Samsung’s TV and home appliance business is expected to record an operating profit more than double to about 1 trillion won.
The semiconductor division’s profit, which has been affected by chip shortages, is expected to have fallen by roughly a fifth to 3.6 trillion won.
Analysts estimate losses related to Samsung’s Texas factory shutdown due to winter storm to be around 300-400 billion won.
Samsung stock is currently gaining. 005930: KRX is up 0.71%
