Stock Market

Remarkable Hike In Operating Profit of Samsung

Remarkable Hike In Operating Profit of Samsung

Samsung Electronics Co Ltd, the leading smartphones and memory chips maker, set a remarkable jump in the operating profit of the first quarter of the financial year (April-June) due to DARM chip sale. Records say this jump in profit is 23%.

Main factors which promoted this hike are the increase in the number of folks indulging in work from home culture. It also enables them to learn online due to the fear of pandemic.

The company also announced that it expected a further push in chip demand in the upcoming quarter. The launch of brand new smartphones is anticipated to drive it. However, they warned that the trade dispute and novel Covid-19 pandemic posed high risks.

Samsung plans to launch a new flagship smartphone, including the Galaxy Note and foldable phones in the second quarter. The company’s share rose to 1.2% on Thursday with a gain of 0.3%.

Overall operating profit in the mobile division rose to 25% to 1.95 trillion won despite fewer shipments due to COVID 19 outbreak.

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