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Samsung expects Q1 profit to grow by more than 4 ear on year

Time:2021-04-08 Views:125
On April 7, according to foreign media reports, Samsung Electronics announced its earnings forecast for the first quarter of 2021. The company expects revenue to grow 17.5% year-on-year in the first quarter of 2021 to 65 trillion won (US $58.1 billion), close to a record high of 67 trillion won in the third quarter of last year.
The company said its operating profit could grow 44 per cent year-on-year to 9.3 trillion won (US $8.32 billion) due to hot sales of home appliances, smartphones and televisions, in line with analysts‘ expectations.
Analysts said profits from Samsung‘s TV and home appliance businesses could more than double to around 1 trillion won as domestic demand continues to grow.
Samsung expects its chip revenue to decline due to a winter blizzard that has brought us production to a standstill. Analysts said Samsung‘s chip division‘s profit could fall 20 per cent to 3.6 trillion won, as the cost of expanding domestic production and the loss of Texas factory after it shut down in mid February weakened the benefits of strong demand.
Analysts estimate that Samsung will invest about 10 trillion won in the chip foundry business this year, up from about 6 trillion won last year.
Samsung Electronics, one of the world‘s largest manufacturers of chips and consumer electronics, has expressed concern about the spread of chip shortages beyond the automotive industry.
In mid March of this year, Gao Dongjin, CO CEO of Samsung Electronics and President of mobile communication business, said that the imbalance between supply and demand of chips and related parts in its IT department was "very serious" and might "cause small problems" in the second quarter, but the company was continuing to work hard to solve the supply problem. He also said that Samsung expected the shortage of chips to bring problems to its business in the next quarter.
It is reported that Samsung will release detailed financial results later this month.
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