Samsung forecasts Q1 operating profit up 50.3% year-on-year


Samsung Electronics expects operating profits for the first quarter to rise 50.3 percent, the South Korean tech giant said in a statement Thursday, despite global supply chain woes.

The world’s biggest smartphone maker forecast 2022 first-quarter operating profits of about 14.1 trillion won ($11.6 billion), up from 9.4 trillion won in the same quarter last year.

Samsung did not provide details on the performance of its various divisions. The company is expected to release its full results on April 28.

Analysts said the forecast was likely driven by strong smartphone sales, but warned of an expected drop in profits in the memory chip division.—AFP

Previous articleElectric fans’ export decreases 8.45% to $15.544m in 8 months
Next articleShell to take hit of up to $5b on Russia exit