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Samsung Electronics flagged Friday a first-quarter operating profit of 15.6 trillion won ($14.7 billion), a record for any three-month period, as it benefited from soaring demand for its memory chips for mobile devices.
Sales for January to March are expected to reach 60 trillion won, the world's largest maker of smartphones and memory chips said in an earnings forecast.
Profit - Forecast - Samsung - Electronics—the - Flagship
The profit forecast from Samsung Electronics—the flagship subsidiary of the giant Samsung Group—widely surpassed the market consensus for about 14.6 trillion won.
This marks the fourth straight quarter in which the South Korean tech firm has beaten its record operating profit.
Operating - Profit - Percent - Period - Year
First-quarter operating profit was up nearly 60 percent from the same period a year ago, while sales jumped by 19 percent.
The South Korean company has seen profits soar over the past year thanks to solid demand for memory chips for mobile devices, which has helped offset shrinking profits from its own mobile production.
Unit - Blow - Worldwide - Recall - Galaxy
The mobile unit suffered a serious blow after the disastrous worldwide recall of its Galaxy Note 7 device over exploding batteries two years ago, which cost the firm billions of dollars.
But the firm rolled out its latest flagship mobile phone, the Galaxy S9, in the first quarter to largely favourable reviews—potentially contributing to the better-than-expected profits.
Chart - Samsung - Operating - Profit
Chart showing Samsung's quarterly operating profit.
Samsung withholds net profit and sector-by-sector business performance until it releases its final earnings report, which is...
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