Samsung Electronics’ first-quarter profit hits 3%, surpassing forecasts


Samsung Electronics Co Ltd (005930.KS) disclosed on Tuesday that its first-quarter operating profit inched up to 3%, surpassing analysts’ expectations as chip sales nursed the impact of the coronavirus contagion on smartphones and televisions.

Samsung expected a total of 6.4 trillion won (equivalent to $5.2 billion), to be its operating profit in the quarter ended March. This came to be a margin higher than its previous 6.2 trillion won last year and the same profit that analysts had forecasted.

Samsung said in March that the coronavirus would greatly affect smartphones and consumer electronics. However, an upbeat demand seen from data centers is expected to cushion the impacts of coronavirus and help memory chip markets to recuperate. This is expected as high level of demand for work-from-home requirements was observed.

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