Samsung Electronics Estimates 56 Percent Jump in Profit

Samsung Electronics Co reported higher-than-projected profit as demand for its memory chips remained strong enough to outweigh concerns about display supplies to Apple Inc.

The South Korean tech giant said in its preliminary earnings report that its January-March operating income was an estimated 15.6 trillion won ($14.7 billion or 1.6 trillion yen), compared with 9.9 trillion won a year earlier.

According to Bloomberg, Samsung's profit estimates beat analysts' predictions of 14.5 trillion won.

In the first quarter of 2017, the device solution division, which covers chips, posted an operating profit of 7.59 trillion won, followed by the IT and mobile arm with 2.07 trillion won. "Although gains in memory chip prices have slowed from the height of the chip boom, lower prices could also increase demand for chips, and Samsung has the cost-cutting ability to keep profits up", Greg Roh, an analyst at HMC Investment & Securities, told Reuters. The company will deliver its finalized earnings report later this month.

"Demand is exceeding market expectations". The first-quarter guidance was released before the market opened Friday. The 49-year-old vice-chairman has since travelled to Europe to meet with business partners and been spotted in Canada.

Galaxy S9 performed well because consumers were discouraged by the high price tag of iPhone X, but here is the catch; Samsung also makes the displays for iPhone X so the company had to suffer in terms of business loss on this front as well.

The firm's semiconductor business filled the void - thanks to soaring global prices for NAND memory chips used in mobile gadgets and DRAM chips used in servers.

Analysts expected the chip division to continue to drive profits, after contributing an estimated 10.7 trillion won to first-quarter earnings.

Last month at a shareholders' meeting, Samsung reorganised its leadership to separate the roles of business executives and board members, responding to public calls to improve its transparency and accountability.

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