Samsung Electronics Co Ltd said on Tuesday its first-quarter operating profit likely managed to rise slightly from a slump a year earlier, as solid chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs.
) said on Tuesday its first-quarter operating profit likely managed to rise slightly from a slump a year earlier, as solid chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs.
But at the same time the South Korean tech giant is also expecting a bigger hit to its mobile and consumer electronics sales in the current quarter as the novel coronavirus sweeps through Europe and the United States - key markets for its premium smartphones and TVs. Samsung Electronics shares were up 1.6% in morning trade, compared to a 1.3% rise of the broader marketThe maker of smartphones, TVs, appliances, memory chips and displays is the first global tech company to report its January-to-March quarter earnings estimates.
“Even though Samsung’s mobile business was hit by the coronavirus outbreak this quarter, it will likely face bigger challenges in the second quarter - now that the United States and Europe have become the hardest-hit countries,” Kim Sun-woo, an analyst at Meritz Securities, said. When the outbreak first started in China last year, Samsung’s strategy of spreading out its production base to countries including Vietnam and India seemed to pay off as supply disruptions in China hit rivals such as Apple.
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