Samsung’s profit at 3-year high thanks to memory chips
Samsung Electronics said Thursday its first-quarter profit surged to the highest level in more than three years as its semiconductor division posted the highest income in the company’s history.
The South Korean company’s January-March earnings jumped 46 percent over a year earlier to 7.7 trillion won ($6.8 billion), compared with 5.3 trillion won a year earlier.
The result beats expectations and is the highest since the third quarter in 2013. According to data provider FactSet, analysts had expected a net income of 7.1 trillion won.
Sales rose just 2 percent over a year earlier while operating profit surged 48 percent to 9.9 trillion won ($8.7 billion).
The stellar results come after tough months for Samsung. Five of its top executives including Lee Jae-yong, the de-facto leader and the only son of its chairman, were indicted on corruption charges after they were ensnarled in a massive political scandal that led to months of public protests and the ouster of the South Korean president.