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Samsung’s 1Q Profit Forecast Beats Estimate

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South Korea – Samsung Electronics Co. said Tuesday that its first-quarter operating income likely beat analysts’ consensus.

Though the company did not give reasons when it released its preliminary results, analysts said robust demand for the company’s mobile chips and improvement in its smartphone business were behind the better-than-expected financial results.

The company’s earnings preview put its January-March operating profit at 5.9 trillion won ($5.4 billion), which was higher than analysts’ consensus of 5.5 trillion won according to financial data provider FactSet. That was a 31 percent drop from a year earlier.

Samsung estimated that its sales fell 12 percent to 47 trillion won ($43 billion) during the quarter. Original post at ET Telecom

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Wahengbam Rorrkychand

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