Samsung Electronics Q1 profit tops market expectations on solid chip demand

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

"The guidance beat market expectations, probably due to memory chip shipments and prices being better than expected," said Park Sung-soon, analyst at Cape Investment & Securities. "After the contamination issue at Kioxia, I think there were rush orders for NAND Flash chips made to Samsung for products that were meant to be secured from Kioxia," Park said.

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