South Korean tech giant Samsung Electronics posted a 58.57 percent rise in first-quarter net profits on Thursday, largely driven by steady memory chip demand and brisk smartphone sales.
The world's biggest memory-chip maker is the flagship subsidiary of the giant Samsung group, by far the largest of the family-controlled empires known as chaebols that dominate business in South Korea, Asia's fourth largest economy.
The tech industry has been hit hard by a shortage of components for chipmaking, blamed on a boom in global demand for electronic products and disruption to supply chains caused by the pandemic.Last year saw a surge in chip prices thanks to strong demand for those used in personal devices and data centres, helping the firm hit record annual sales.
The firm's operating profit rose 50.50 percent to 14.12 trillion won, while revenue was also up 18.95 percent to 77.78 trillion won. "Memory chip makers generally need to keep capacity high to support technology migration," Tsuen said. In smartphones, the firm's new flagship lineup -- the Galaxy S22 series -- sold 60 percent more than the S21 in its first three weeks in the United States, according to research firm Counterpoint.
"The Galaxy Note is a model series with higher level of customer loyalty among Samsung's models, and the S22 Ultra was able to respond to the waiting demand of these customers," Lim said.
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