Samsung Electronics announced on April 28 its financial results for the first quarter ended March 31, 2022. The South Korean company had a record financial year.
Times are sweet for Samsung. The South Korean electronics giant posted record consolidated revenue for the third consecutive quarter of 58.2 billion euros and operating profit of 10.5 billion euros. Revenue is therefore up 19% year-on-year and profit is up 51% compared to 2021.
Peaceful quarter for the mobile division
“The MX (Mobile eXperience) business saw sequential increases in revenue and profitability driven by strong Galaxy S22 Ultra sales”says Samsung, who also points out “positive responses to new consumer 5G models” and “solid sales of products from the mobile ecosystem, in particular tablets and watches”. The Mobile and Networks activities recorded consolidated revenues of 24 billion euros and an operating profit of 2.8 billion euros in the first quarter.
A regularly successful first quarter for Samsung’s mobile division, which can count on the launch of its flagship smartphone, in this case the Samsung Galaxy S22, which is achieving good sales. Apart from the top of the range, the South Korean firm can also count on the sales of its Galaxy A series, compatible with 5G.
No problems for the other divisions either.
Samsung says the Display division delivered record first-quarter results for mobile screens thanks to strong sales among key smartphone customers, while for large screens, “Improved production yield of quantum dot (QD) displays has exceeded expectations”.
The memory business also reportedly set a quarterly server sales record amid strong demand and the semiconductor business results “improved sequentially as prices rose.” This division records a turnover of 20 billion euros and a profit of more than 6 billion euros.
What to expect from the second trimester?
Samsung remains cautious about its concerns for the second quarter, citing uncertainties related to the macroeconomic environment and geopolitical issues. “The MX business expects to maintain a strong level of profitability through expanding the premium user base, maximizing sales of new foldable products and spreading sales of new Device Ecosystem products”explains the company.