South Korean giant Samsung Electronics is looking at posting a four-year high first-quarter operating profit, according to a report on FT.
- Samsung expects operating profit to hit WON14.1 trillion or $11.6 billion in the first quarter, marking a 50% growth from the same period last year. This is higher than analysts’ expectations of WON13.3 trillion.
- Market watchers have been raising concerns over the competitive edge of Samsung, with performance issues being reported in its flagship Galaxy S22 smartphone. Questions have been raised over how it could compete with tech giant Apple.
- Analysts said questions remain over Samsung’s “technological prowess and its future,” given the delays in the improvement of its foundry business which competes with major chipmaker TSMC.
Over 2,000 customers have taken the company to court for supposedly exaggerating the S22’s performance. 005930.KS is down 0.73%.