Samsung reports 4% increase in Q1 operating profit from previous quarter

Samsung Electronics reported financial results for the first quarter ended March 31, 2021.Total consolidated revenue was KRW 65.39 trillion, a 6% increase from the previous quarter and a record for the first quarter, the company said in its press release on Thursday.

“Operating profit increased 4% from the previous three-month period to KRW 9.38 trillion as solid sales of smartphones and consumer electronics outweighed lower earnings from semiconductors and displays.

“The semiconductor business saw an earnings decline quarter-on-quarter (QoQ) despite solid memory shipments, mainly due to the production disruption at the Austin fab, and a downward trend in NAND prices, while initial costs of new line ramp-up associated with advanced node migration also weighed on the results. Profit from the Display Panel Business fell quarter-on-quarter because of weak seasonality of mobile products.

“Earnings at the Mobile Communications Business rose significantly as sales of flagship and mass-market smartphones increased and contributions of products in the Device Ecosystem such as tablets, PCs and wearables grew. The Networks Business maintained solid performance on the back of continued expansion of 5G globally.

“The Consumer Electronics Division reported higher profit both quarter-on-quarter and year-on-year as demand remained strong for digital appliances and premium TVs.

“The Company’s capital expenditures in the first quarter stood at KRW 9.7 trillion, including KRW 8.5 trillion spent on semiconductors and KRW 0.7 trillion on displays.”

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