Samsung Electronics beats first-quarter estimates, braces for bigger blow from coronavirus
- Samsung says its first-quarter operating profit is expected to be 6.4 trillion won, higher than the 6.2 trillion won estimate from analysts
- Solid chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs
The South Korean tech giant is bracing for a bigger hit from the coronavirus which has led to a series of suspensions of factories and retail stores in Europe, India and the United States.
Samsung said operating profit was expected to be 6.4 trillion won (US$5.2 billion) in the quarter ended March, compared with 6.2 trillion won a year ago and the 6.2 trillion won estimate from analysts according to Refinitiv SmartEstimate.
Revenue likely rose 5 per cent to 55 trillion won from a year ago, in line with the 55.6 trillion won estimate.
Samsung Electronics shares were up 1.5 per cent in morning trade, compared to a 1.1 per cent rise of the broader market.
The maker of smartphones, TVs, appliances, memory chips and displays is the first global tech company to report its January-to-March quarter earnings estimates.