“Samsung” reveals preliminary indicators of first-quarter profits…exceeding expectations

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Basrawi News Encyclopedia – Books: Rania Muhammad / Samsung Electronics announced preliminary indicators for first-quarter profits, which exceeded analysts’ estimates, supported by strong demand for new smart phone models and memory chips that are inserted into servers.

South Korea’s largest company said Thursday in a statement that its operating profit rose 50 percent to 14.1 trillion won ($11.6 billion) for the three months ending in March.

That came against average analyst expectations of 13.4 trillion won.

Sales rose 18% to 77 trillion won, also higher than expected.

Samsung did not disclose the net income and performance of the company’s segments, which will be announced with full business results on April 28.

For his part, Citigroup stock analyst Peter Lee said, before publishing the preliminary results, that Samsung is expected to achieve strong profit growth in 2022 on the back of rebounding profits from the semiconductor and screen sector in the second half of this year. .

And “Samsung” provided indicators about the smartphone business, as the company said that “the cumulative sales of the (Galaxy S22) series are likely to exceed one million units in South Korea this week,” a growth rate of 20% during the first period of launch compared to its previous phone “S21.” “.

On the other hand, Samsung, which produces more than a third of the world’s DRAM and NAND memory chips, is affected not only by the semiconductor industry cycles but also by consumer demand because it makes both the end products as well as the chips that go into those gadgets.

In turn, Bloomberg Intelligence analysts Stephen Tsing and Shun Chen said: “Smartphone and computer shipments in China may be disrupted due to the outbreak of Covid-19 in the business center in Shanghai, as well as the adverse logistical conditions that followed.”

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