Samsung Electronics reports 44% rise in quarterly profits

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Samsung Electronics reports 44% rise in quarterly profits

People test Samsung's Galaxy S21 smartphones on Jan. 15 in Seocho-dong, southern Seoul. [News1]

People test Samsung's Galaxy S21 smartphones on Jan. 15 in Seocho-dong, southern Seoul. [News1]

 
Samsung Electronics expects an operating profit of 9.3 trillion won ($8.3 billion) in the first quarter, the company reported Wednesday in an earnings guidance announcement.
 
The figure is up 44.19 percent on year, beating FnGuide's market consensus of 8.9 trillion won, despite a major shutdown at a chip plant in Austin, Texas.
 
Mobile phone sales probably drove the strong results, as the Galaxy S21 was introduced in January and the company's budget A-series phones are being heavily promoted. Samsung Electronics also released Neo QLED TVs.
 
The base effect helped, as sales and profit were starting to get hit in the first quarter of last year as the pandemic took hold in Korea.  
 
Sales in the first quarter 2021 rose 17.48 percent on year to 65 trillion won, also beating forecasts. On quarter, operating income was up 2.76 percent and sales rose 5.61 percent.  
 
Neither net profit nor segmentation were provided.
 
Samsung Electronics traded down following the announcement, falling 0.35 percent to 85,700 won in the morning.
 
BY PARK EUN-JEE   [park.eunjee@joongang.co.kr]
 
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