Samsung profit likely biggest in six quarters on higher chip prices

FILE PHOTO: A worker waters a flower bed next to the logo of Samsung Electronics during a media tour at Samsung Electronics' headquarters in Suwon, South Korea, June 13, 2023. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) - Samsung Electronics is expected to post a near nine-fold increase in first-quarter profit from a year earlier as rebounding semiconductor prices lift earnings from a low base caused by a severe chip downturn.

Operating profit for the world's biggest maker of memory chips and TVs likely rose to 5.7 trillion won ($4.24 billion) in the quarter ended March 31, according to the average of an LSEG SmartEstimate from 27 analysts, weighted toward those who are more consistently accurate.