SSNLF - Samsung Electronics Posts A Whopping 931.9% Profit Jump In Q1 | Benzinga
Samsung Electronics Co., Ltd. (OTC:SSNLF) has announced a nearly tenfold surge in its first-quarter operating profit. The significant increase is primarily attributed to a strong recovery in the company’s chip business.
What Happened: Samsung Electronics’ semiconductor division registered an operating profit of 1.9 trillion won ($1.3 billion) in the first quarter, bouncing back after five consecutive quarters of losses, reported Korea JoongAng Daily.
The tech giant disclosed on Tuesday that its operating profit for the first quarter stood at 6.6 trillion won, a staggering 931.9% increase compared to the same period last year. The company’s revenue for the quarter was 71.9 trillion won, marking a 12.8% year-on-year rise.
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The Device Solutions (DS) division, which oversees the chip business, reported a revenue of 23.1 trillion won, a significant 68% increase from the previous year. The division’s profit shifted from a loss of 4.6 trillion won a year ago ...