Samsung profit tops estimates thanks to memory-chip demand

09 April, 2018, 06:32 | Author: Pamela Mathis
  • Samsung tips record first-quarter profit

The firm expects operating profits of 15.6 trillion won (around $14.6 billion), marking a 57.6 percent increase from the same period previous year.

Revenue was estimated to have increased 18.7 percent to 60 trillion won, Samsung said in a regulatory filing. Continuing demand for its chips used in servers and smartphones have kept Samsung in record profit, easing concerns about its display business suffering from disappointing iPhone X sales-the Korean company provides the OLED displays for Apple's flagship. That compares with the 14.5 trillion-won average of analysts' estimates compiled by Bloomberg.

Samsung will benefit from new phone releases such as its new Samsung Galaxy, but it faces stiff competition from last year's iPhone X release.

The prices of NAND chips commonly used in mobile devices began falling late past year and analysts have been closely watching for signs of the peak in the DRAM price boom as well.

"Memory chips are the loyal son of Samsung", said Lee Jae-yun, an analyst at Yuanta Securities Co.

Stocks claw back ground lost on trade fears
Are we going to have a much stronger country? All 30 Dow Jones Industrial Average components were lower in premarket trading. President Donald Trump said he had instructed U.S. trade officials to consider $100 billion in additional tariffs on China .


The shares of Samsung fell about 1% in Seoul, as the KOSPI index declined on concern over USA tariffs. But the sentencing was reduced in February to a suspended jail term on appeal, which saw the 49-year-old scion released after spending almost a year in jail. His father, chairman Lee Kun-hee, remains hospitalized after a 2014 heart attack.

Samsung withholds net profit and sector-by-sector business performance until it releases its final earnings report, which is expected later this month.

"There is no disagreement on how well Samsung's chip business is doing, but Samsung's mobile business must be doing better than we had expected", he said.

Last month at a shareholders' meeting, Samsung reorganised its leadership to separate the roles of business executives and board members, responding to public calls to improve its transparency and accountability. Shareholders also approved a 50:1 stock split that will take effect following a trade suspension from April 30 to May 3. "Demand is exceeding market expectations".

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