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Samsung Reports Biggest Quarterly Net Profit Since 2013

April 26, 2017
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South Korean tech giant Samsung posted Wednesday its biggest quarterly net profit for more than three years on strong demand for its memory chips.

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Net profit for the first quarter of the year amounted to 7.68 trillion won ($6.7 billion), up 46 percent from a year ago, the firm said in a statement.

It was the biggest quarterly net profit since the third quarter of 2013.

Operating profit jumped 48 percent from a year ago to 9.89 trillion won — also the biggest since the third quarter of 2013.

Profit breakdown showed the firm’s semiconductor business made its largest-ever operating profit of 6.3 trillion won.

Samsung — the world’s largest maker of mobile phones as well as memory chips — provides its chips to other companies including archrival Apple.

“The first quarter earnings were bolstered by solid performance of our component-making business that enjoyed strong sales thanks to favourable memory chip and display panel prices,” the firm said in a statement.

But the firm’s mobile business saw sales and profit slow with its first quarter operating profit at 2.07 trillion won, down from 3.9 trillion won a year ago.

Samsung suffered an embarrassing recall last year of its Galaxy Note 7 smartphone over exploding batteries, which cost the firm billions of dollars and dealt a blow to its reputation.

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Tags: AppleApple Inc.Business_FinanceComputer hardwareComputer Hardware - NECfavourable memory chipmanufacturingmemory chipmemory chipsmobile phonesNet profitPhones & Handheld Devices - NECProfitsamsungSamsung ElectronicsSamsung GalaxySamsung mobile phonessemiconductorsmartphoneSmartphonestech gianttechnologyTechnology_InternetVideotelephony

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