Samsung quarterly profit tops market expectations

Better than expected: The logo of Samsung Electronics is seen at its office in Seoul. The company is estimated to have shipped slightly over six million units of the S22 series by the end of last month. — Reuters

SEOUL: Samsung Electronics Co Ltd has reported an estimated 50% jump in quarterly operating earnings to post its highest first-quarter profit since 2018, beating expectations as solid demand underpinned prices for memory chips.

Earnings at the world’s largest memory chip and smartphone maker were also supported by brisk smartphone sales in the quarter, along with a disruption at a rival NAND Flash chip plant, analysts said.