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SEOUL - Samsung Electronics Co Ltd likely saw a 45% jump in profit for January-March on robust sales of smartphones, TVs and home appliances, though chip division earnings are seen tumbling after a storm suspended production at its U.S. plant.
Spending more time at home due to the coronavirus pandemic, consumers have splashed out on an array of high-margin consumer electronics which in turn has helped cause a global shortage of semiconductors.
Operating profit for the South Korean tech giant in the quarter is expected to have climbed to 9.3 trillion won ($8.2 billion), according to a Refinitiv SmartEstimate drawn from 16 analysts. SmartEstimates assign more weight to forecasts from consistently accurate analysts.
SAMSUNG SEEKING OVER $1B IN TAX CREDITS FOR POTENTIAL SEMICONDUCTOR PLANT IN AUSTIN, TEXAS
That would mark Samsung’s highest operating income level for the first quarter since 2018. Revenue likely rose 12%.
Samsung is scheduled to announce preliminary first-quarter results on Wednesday.