{"id":562,"date":"2020-04-07T13:09:05","date_gmt":"2020-04-07T13:09:05","guid":{"rendered":"https:\/\/www.newsraise.com\/?p=562"},"modified":"2020-04-07T13:09:05","modified_gmt":"2020-04-07T13:09:05","slug":"samsung-predicts-5-23-billion-operating-profit-for-first-quarter","status":"publish","type":"post","link":"https:\/\/newsraise.com\/index.php\/2020\/04\/07\/samsung-predicts-5-23-billion-operating-profit-for-first-quarter\/","title":{"rendered":"Samsung Predicts $5.23 Billion Operating Profit For First-Quarter"},"content":{"rendered":"

Samsung predicts $5.23 billion operating profit for first-quarter. On Tuesday, South Korean company Samsung said that its operating profit is expected to rise three percent to 6.4 trillion won ($5.23 billion) from a year ago and surpass expectations.<\/p>\n

The company expects a 2.7% hike from the 6.23 trillion won it posted for the same period a year earlier. Estimates gathered by S&P Global Market Intelligence show that analysts had forecast about be 6.2 trillion ($5.05 billion) won.<\/p>\n

The tech giant said its first-quarter revenue was approximately 55 trillion won, jumped nearly 5% from a year ago.<\/p>\n

Samsung is one of the first major tech companies to post earnings results for the January-March quarter amid the coronavirus outbreak. \u00a0However, growing demand for memory chips and the company\u2019s cost-saving efforts are expected to drive its earnings. The company\u2019s shares increased by 1.85% on the day.<\/p>\n

SK Kim, executive director and analyst at Daiwa Securities said that due to coronavirus pandemic, many people\u00a0are being forced to\u00a0work from home and they are purchasing products online. Therefore, data centers are experiencing increasing demand for memory chips.<\/p>\n

Kim said, \u201cThis will continue to drive memory price high in the second quarter, which will offset weakness on the mobile as well as the TV (business).\u201d<\/p>\n

Samsung\u2019s main profit-making business runs on memory components used in smartphones and data centers. The estimates show that the company accounts for about 65% of the company\u2019s total profit. Now, Samsung is again expecting solid earnings in its semiconductor business for the second quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"

Samsung predicts $5.23 billion operating profit for first-quarter. On Tuesday, South Korean company Samsung said that its operating profit is expected to rise three percent…<\/p>\n","protected":false},"author":5,"featured_media":563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[156,155],"yoast_head":"\nSamsung Predicts $5.23 Billion Operating Profit For First-Quarter - News Raise<\/title>\n<meta name=\"description\" content=\"Samsung predicts $5.23 billion operating profit for first-quarter. 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