Samsung shows record profits for Q1 2018

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Korean tech giant Samsung announced via their latest earnings report that they’ve reached their fourth straight quarter showing record profits. In Q1 2018, Samsung’s operating profit has totaled $14.4 billion. According to the report released by the company, this was “primarily led by Samsung’s Memory Business and increased sales of its flagship mobile products, including the Galaxy S9.”.

Quite notably though, it revealed that their “System LSI and Foundry businesses contributed to first quarter earnings backed by the strong demand for chips used for smartphones and crypto-currency mining”.

Samsung’s earnings report further elaborates that “In the mid to long term, Samsung will strengthen its business capabilities by delivering differentiated technology in the component business and solidifying its leadership in cutting-edge technologies such as AI and 5G. The company believes opportunities will widen for the set business, as digital devices become increasingly connected.”.

In the medium to long term, the upcoming FIFA World Cup 2018 event is expected to drive up TV sales. Samsung stated that “Looking to the second quarter, TV market demand is projected to deliver YoY growth, driven mainly by demand momentum from the major global soccer event and growth in emerging markets. Samsung will aim to improve results by expanding sales of new models, particularly during the soccer competition.”

Samsung Earnings

The company also stated that they’ll be launching 8K and Micro LED TVs in the second half of the year.

Overall, it seems to have been a rather successful first quarter of 2018 for the company.

Sahil Lala

Sahil Lala

Sahil is a tech and gaming enthusiast that's been a writer, reviewer, advisor and editor at multiple publications