Samsung forecasts record quarter
April 7, 2022
By Chris Forrester
South Korean technology giant Samsung Electronics has reported a 50.3 per cent jump in preliminary profits for its first quarter.
Much of the success comes from Samsung’s silicon chip division; Samsung is the world’s largest memory chip and smart-phone manufacturer. However, the company did not provide details on the performance of its various divisions.
Samsung is estimating that its Q1 profit will be 14.1 trillion Won (about €10.6bn). Samsung’s revenue likely rose 18 per cent from the same period a year earlier to a record 77 trillion Won, the company said in a short preliminary earnings release – way above market expectations.
The company’s actual results will be announced on April 28th.
The shift to working from home during the pandemic is seen as having boosted demand for devices powered by Samsung’s chips as well as home appliances such as televisions and washing machines.