Samsung exceeds expectations due to memory chip demand

Samsung's Always on Display now comes with a few more options. Image Tech2/Rehan Hooda

Samsung's Always on Display now comes with a few more options. Image Tech2/Rehan Hooda

Sales for the first quarter climbed to 60 trillion won, compared with the 61.3 trillion won average projection.

This marks the fourth straight quarter in which the South Korean tech firm has beaten its record operating profit. 56% jump in profit with a 19% jump in sales. sounds like we're getting around 37% screwed.

This is expected to slow in coming quarters though, as analysts expect the chip boom to wind down.

Samsung won't provide net income or break out divisional performance until it releases final results, most likely on 26 April, when a conference call is scheduled.

"The earnings estimate is quite a surprise", said Kim Sun-woo, analyst at Seoul-based Meritz Securities.

Samsung shares fell after the announcement as analysts forecast similar or lower profit in the second quarter, due to slower growth in DRAM chip prices and higher marketing costs for the flagship Galaxy S9 smartphone. Prices for 128 gigabit MLC NAND flash memory chips fell 10.7 percent in the March quarter from the December period while contract prices for 32 gigabyte DRAM server modules climbed 5.6 percent in the same period, according to inSpectrum Tech Inc.

Samsung's chipmaking unit - now dominating the global market after the firm invested tens of billions of dollars each year to build and expand factories - provides chips for Samsung devices as well as those of competitors including Apple.

Samsung Group, the country's top family-run business empire, has come under greater scrutiny since heir apparent Jay Y. Lee received a suspended jail term in February for bribing a former president.

Lee's tour began on March 22, 45 days after he was freed after spending almost a year in prison over bribery and other charges linked to the scandal that removed the country's former leader from office last year.

Lee Jae-yong had been sentenced to five years in jail last year. The 49-year-old vice chairman has since travelled to Europe to meet with business partners and been spotted in Canada.

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