Samsung Electronics says its first-quarter profit has surged nearly 50 per cent thanks to the record-high income from its semiconductor division.
The South Korean company said Thursday its January-March earnings jumped 46 per cent over a year earlier to 7.7 trillion won ($6.8 billion). The result beats expectations. Analysts according to data provider FactSet expected a net income of 7.1 trillion won.
Sales rose 2 per cent over a year earlier. Operating profit surged 48 per cent to 9.9 trillion won ($8.7 billion).
The stellar results come after tough months for Samsung, which had its executives indicted on corruption charges and its Galaxy Note 7 smartphone recalled twice.
Samsung’s mainstay chip division fuelled the profit surge as strong sales of memory chips for computers and mobile devices led to a record-high profit.
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