Samsung reports steep rise in profit for the first quarter of 2022
. The Korean tech giant has posted an operating profit of KRW 14.12 trillion , which is 51 percent higher than the same period last year, and a record consolidated revenue of KRW 77.78 trillion .
As usual, Samsung's memory division was a standout performer, exceeding market forecasts because memory prices didn't drop as much as analysts had expected. It posted a consolidated revenue of KRW 26.87 trillion , and while it saw a slight decline in profit due to incentives and seasonality, demand for PC and server chips remained solid. The company's foundry business also contributed to the division's performance by achieving its highest ever first quarter sales.
While overall demand for mobile was down due to seasonality and"geopolitical uncertainties," Samsung posted higher profit and revenue for the division this quarter compared to the last. The strong sales of its new flagship phones, particularly the Galaxy S22 Ultra, as well as of its mass market 5G phones contributed to both profit and revenue growth.
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