South Korean chip and consumer electronics maker Samsung Electronics increased its net profit by more than 5.7 times in the first quarter, to a record, at the same time the figure significantly exceeded market expectations.
According to a press release, net profit in the January-March period totalled 47.225 trillion South Korean won ($31.72 billion). Analysts surveyed by FactSet on average estimated the figure at 40.591 trillion won.
Revenue rose nearly 1.7 times to 133.873 trillion won, also a record, The Wall Street Journal noted.
Operating profit jumped 8.6 times to a record 57.233 trillion won.
Operating profit at the microchip division rose to 53.7 trillion won from 16.4 trillion won a quarter earlier. The mobile and notebook segment improved to 2.8 trillion won from 1.9 trillion won, while the display business cut operating profit to 0.4 trillion won from 2 trillion won in the previous quarter.
Samsung’s stock price was down 2.4 per cent at the end of trading on Thursday. Since the beginning of this year, the company’s market value has increased 1.8 times, while the Kospi stock index rose 1.6 times.