Technology

Samsung Electronics Estimates 56% Jump In Profit

Samsung Electronics Estimates 56% Jump In Profit

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

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.

Profits from the mobile unit, which once contributed more than 70 per cent of Samsung's overall profits in its 2012-2014 heyday, accounted for less than 20 per cent of total profit in the fourth quarter a year ago.

Samsung shares fell as much as 2.7 per cent on Friday before paring losses to fall 0.7 per cent as of 0345 GMT (11.45 p.m. ET), compared to a 0.4 per cent drop in the wider market.

The firm's semiconductor business filled the void - thanks to soaring global prices for NAND memory chips used in mobile gadgets and DRAM chips used in servers. "Still, momentum may slow toward the end of this year with price rises likely to be less steep than last year".

Читайте также: Khattar congratulates shooter Manu Bhaker for winning gold in CWG

Even if DRAM price growth is at its peak, analysts said Samsung remained on track for record annual earnings. Lee Jay-yun, an analyst with Yuanta Securities Co. explains: "Memory chips are the loyal son of Samsung".

They put this down to Samsung's early launch of its flagship Galaxy S9 device in March, healthy sales of older devices as consumers balk at the high price of new premium models, and a short-term dip in advertising costs.

But it wasn't all good news for Samsung; its shares fell 1 percent, and are down 5 percent this year after climbing 47 percent in 2017. As if you couldn't guess where all the extra profit is from, analysts are claiming the jump is from "strong demand" for memory chips. Samsung has now confirmed this in its guidance number announced today. According to previous reports, Samsung has 70 cents in operating profit of every $1 DRAM chips sold.

A Samsung spokeswoman said prosecutors had secured labor-related documents.

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