Samsung Electronics Co Ltd said on Wednesday it expected its profit to decline in the current quarter, as strength in the chip business would be offset by a sales slump in smartphones and TVs.
Samsung said its first-quarter operating profit rose 3per cent in the January-March period, in line with an earlier estimate, as the stay-at-home trend due to the COVID-19 pandemic cushioned the virus blow.The South Korean tech conglomerate's chip business is benefiting from demand for servers and computers as stay-at-home orders force millions of people around the world to convert their homes into offices.
"Sales and profits of set products business, including smartphones and TVs, are expected to decline significantly as COVID-19 affects demand and leads to store and plant closures globally," Samsung said in a statement.
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