Samsung Electronics says Q1 operating profit down 29.6% year on year

South Korean tech giant Samsung Electronics Co Ltd on Wednesday reported January-March operating profit fell 29.6 per cent from a year earlier, in line with the firm's earnings guidance, as strong chip sales offset a weaker mobile division. 

PHOTO: REUTERS

29 Apr7:56 AM

[SEOUL] South Korean tech giant Samsung Electronics Co Ltd on Wednesday reported January-March operating profit fell 29.6 per cent from a year earlier, in line with the firm's earnings guidance, as strong chip sales offset a weaker mobile division.

In its strongest result in three quarters, the company reported a 6 trillion won (S$7.4 billion) operating profit for the first quarter, compared with the 5.9 trillion won it had guided for.

Profit for the mobile division fell to 2.74 trillion won from 6.43 trillion won a year earlier, although it rose from the previous quarter as the firm rolled out new mid-range products in major markets.

REUTERS