4/29/2021, 1:51 AM (Source: TeleTrader)
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Samsung reports record Q1 revenue of $59 billion

Samsung Electronics Co. announced its first-quarter revenue of $59 billion (65.3 trillion won), an increase of 18.1% on a yearly basis, slightly above its projections and a record for the first fiscal period. The tech company's net profit increased 46.2% compared to the first quarter of 2020 to $6.4 billion (7.1 trillion won), while operating income was up 45.5% year-on-year and reached $8.4 billion (9.3 trillion won).

"For the second half, market conditions are expected to improve for the component business with the Company continuing to extend product and technology leadership. In smartphones and consumer electronics, the Company will focus on strengthening the premium category leadership. However, global macroeconomic risks, including uncertainties over demand related to COVID-19, are likely to persist," Samsung said in its earnings release.

Baha Breaking News (BBN) / DJ