Samsung tips record first-quarter profit

07 April, 2018, 00:42 | Author: Juana Mckenzie
  • Samsung's Always on Display now comes with a few more options. Image Tech2/Rehan Hooda

In its earnings guidance for Q1 2018, Samsung states that it made 60 trillion Korean won (~$54.6 billion) in sales, and that it forecasts operating profits of roughly 15.6 trillion Korean won (~$14.6 billion).

Samsung Electronics yet again broke its quarterly profit record on the back of red-hot semiconductor sales and the Galaxy S9 smartphone's launch last month.

Korean tech giant Samsung Electronics is on track for a record first quarter, the company said this morning.

Samsung won't provide net income or break out divisional performance until it releases final results, most likely on 26 April, when a conference call is scheduled.

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Samsung shares fell as much as 2.7 percent on Friday before paring losses to close down 0.7 percent, compared to a 0.3 percent drop on the broader market.

Analysts said Samsung's shares were affected by a UBS report forecasting an increase in the supply of DRAM chips used in servers, which dragged down Micron Technology shares more than 6 per cent on Thursday.

Rumours are now circulating that Samsung is already working on its next Galaxy S9 model, following a new benchmark result shared on the website Geekbench.

In a separate development, prosecutors searched the offices of a Samsung's unit on Friday as part of a probe into allegations the conglomerate had sabotaged worker's efforts to set up stronger unions, Yonhap News Agency said.

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Samsung also released its new Galaxy S9 smartphone five weeks before the S8 was released previous year, which likely increased the mobile communication division's operating profit over 2017's figure. Stock price of the chipmaker was still down by 3.6 percent to $48.00 in pre-market trading.

Samsung Electronics Co reported higher-than-projected profit as demand for its memory chips remained strong enough to outweigh concerns about display supplies to Apple Inc.

Analysts said memory chips were still the main driver of Samsung's profits, making up about 75 percent of its operating income, despite fears over the possibility that the industry cycle may have peaked.

"Demand for servers cancelled out the effect of slow sales for iPhone X and premium Chinese smartphones", Kim Yang-jae, an analyst at KTB Investment & Securities, wrote in a report before earnings.

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The semiconductor business forms the largest portion of Samsung's profit.

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