Samsung Profits Jump More Than 50% in First Quarter
Attributing the increased sales to its memory chips and new smartphone lineup.
Samsung has reported its first-quarter profits, with chip sales surging from the previous year. The South Korean tech company documented revenue jumping approximately 51% from the same quarter last year.
For its Device Experience division, the quarter marked its highest revenue since 2013, while the Device Solutions division hit an all-time high for quarterly revenue.
All divisions reported a yearly increase. Meeting its previous predictions, Samsung garnered 77.8 trillion Korean won ($61.3 billion USD) in profit and 14.1 trillion Korean won ($11.1 billion USD) in operating profit.
Samsung attributed its sales to its new roster of smartphones, led by the Galaxy S22 Ultra, as well as tablets and watches. The company plans to expand on the rollout of these products overseas and work on meeting domestic needs.
It also pointed to the success of its large display products, including Neo QLED and Super Big TVs. Samsung expects revenue in this division to continue to rise with the release of TVs featuring QD displays.
The company noted, however, that supply shortages of chips and other components had affected production throughout the quarter. Expecting that “uncertainties related to the macroeconomic environment and geopolitical issues are likely to persist,” Samsung plans to prioritize increasing its production and quality of products.
In other tech news, Apple beat expectations in Q2 with $97 Billion USD revenue.
