Samsung's Profit Grew 50 Percent in Q1 on Solid Chip Demand

In its earnings guidance for the first quarter of 2022, Samsung reported a 50% jump in operating earnings. This is the group's highest first-quarter profit since 2018, as solid demand underpinned prices for memory chips.

Samsung estimated profit at 14.1 trillion won ($11.6 billion). Revenue rose 18% to a record 77 trillion won, the company said in a preliminary earnings release. The Korean tech giant will release detailed earnings on April 28.

Global chip prices dipped in the first quarter but have held up better than expected due to solid demand as well as cautious investment spending by chipmakers and limited capacity expansion. This resulted in Samsung's higher chip earnings which make up about half of its total profits.