As the world shifts to working from home world, the growing demand for memory chips likely helped Samsung to a first-quarter profit, cushioning the blow from lower sales of 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.
Revenue likely rose 5% to 55 trillion won from a year ago, in line with the 55.6 trillion won estimate.The maker of smartphones, TVs, appliances, memory chips and displays is the first global tech company to report its January-to-March quarter earnings estimates. When the coronavirus outbreak started in China last year, Samsung’s strategy of spreading its production base to countries including Vietnam and India seemed to pay off as supply disruptions in China hit rivals such as Apple.
LG Electronics , Samsung’s crosstown rival in TVs, phones and appliances, meanwhile said its first-quarter operating profit likely rose 21% to 1 trillion won. Analysts expect the coronavirus to affect LG this quarter.Samsung Electronics did not provide a breakdown of earnings for each division in its guidance released on Tuesday.
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