South Korean tech giant Samsung Electronics Co. Ltd. likely posted a 45% climb in profit during the first quarter of the year due to higher sales, Reuters reported.
- Samsung’s operating profit is expected to have grown to 9.3 trillion won ($8.2 billion), marking the highest operating income level for the same quarter since 2018. Revenues likely rose 12%.
- Higher sales projections come as COVID-19 lockdowns were imposed, boosting demand for smartphones, televisions, and home appliances.
- Samsung is estimated to have cornered roughly 23% of the global market during the quarter from the launch of the Galaxy S21 series in mid-January. This is up from 20% the same quarter in 2020 and 16% the previous quarter when Apple released the iPhone 12.
- Profits from the smartphone division are likely to reach 4.15 trillion won, while the TV and home appliance business is seen to more than double profits to around 1 trillion won.
- Preliminary first-quarter figures are scheduled to be released on Wednesday.