Samsung Q1 profit soars by 44% to $8.32bn

Photo: AP

The South Korean giant Samsung earmarked that its profit for the first quarter of 2021 has risen by some 44 percent to 8.32 billion dollars due to increased demand for phones and smart devices in pandemic lockdowns, Reuters reported. Analysts said Samsung’s mobile division likely saw operating profit soar after its flagship Galaxy S21 smartphone series outsold the previous version by a two-to-one margin in the six weeks since its January launch, according to research provider Counterpoint.

Profit in Samsung’s television set and home appliance business also likely more than doubled.

When Samsung announces detailed earnings later this month, there will be interest in finding out how much Samsung is struggling in terms of low yields in its non-memory business, in addition to the extent of the losses in US.

Analysts have estimated that Samsung will invest billions of dollars in its chip contract manufacturing business this year. The envisaged volume will be some 40% higher than last year.

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