Samsung mobile phones are pushing profits for pre-existing disease – KBC


Samsung Electronics has announced the biggest profits for the first quarter since 2018 after a strong mobile sales led by its Galaxy S21 lineup.

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Big profits for a large Korean company increased by 46.3% compared to the same quarter of 2020 to a 7.1trn winning ($ 6.4bn; £ 4.6bn).

The sale of television equipment and home appliances saw significant growth, driven by the need to stay home.

However, the company’s profits were dentist and the result was disappointing for its chips business.

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“Consistent sales of consumer mobile phones and consumer electronics exceeded lower revenue from semiconductors and displays,” the company said in a revenue report.

Its main competitor for mobile phones Apple also published positive results on Tuesday, and iPhone sales in China have helped double the company’s profits since the start of the epidemic.

Both companies did well during the disaster, as many customers chose to upgrade their phones, laptops and other devices to work from home.

Samsung is highlighting the second quarter of the shortfall followed by strong results in the second half, while the economic recovery from the Covid-19 epidemic is gaining momentum and more consumers are looking to improve 5G mobile services.

Slow sales for chips

Despite high demand due to global shortages, Samsung’s chips business suffered the cost of shutting down production and the suspension of storms at its Texas factory in February.

However, the factory has resumed full production and the world’s largest chipmaker is expecting strong results for its semiconductor business in the second quarter.

The electronics giant warned that this could be stopped by declining sales of the main mobile phone and continuing with distribution issues and other devices.

Inheritance tax

The figures came a day after the family of the late Samsung chairman Lee Kun-hee announced plans to pay more than 12trn won ($ 10.78bn) in inheritance tax on his property.

The tax issue has been closely monitored, as it could affect the Lee family’s share in Samsung.

However, the announcement provided little clarification on whether Lee’s family would sell or sell any shares to pay taxes.

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