Samsung profit beats estimates on strong sales of memory chips and premium smartphones

The South Korean giant’s net income increased more than 50% to 11.13 trillion won in the three months ended March. Analysts predicted 10.14 trillion won on average, according to estimates compiled by Bloomberg.

Samsung declined to make a financial forecast for the year because of the many uncertainties. Its shares fell nearly 1% in Seoul trading; they had dropped 17% this year through Wednesday’s close.South Korea’s NAND exports stood out in March, reaching a new high. Kioxia’s recent output setbacks may have contributed to the increase in NAND and multi-chip packaging exports, suggesting strong sales for Samsung and SK Hynix. Samsung’s foundry business may also benefit from robust system-chip exports.

Global smartphone shipments declined 11% in the first quarter, the worst drop since the virus broke out, Canalys data showed. Samsung projected smartphone demand would rise in the second half of the year after a slight decline in the current quarter. Samsung is also making an aggressive – and expensive – push into the foundry business, essentially manufacturing semiconductors for companies like Apple and Google that have started designing their own silicon. Taiwan Semiconductor Manufacturing Co. is by far the leading player in the market, but has vowed to catch up.

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