Samsung reports record-breaking Q1 revenues boosted by strong Galaxy S22 sales

Samsung announced its financial results for the first quarter of the year, and the company proudly revealed a record-breaking consolidated revenue for the third straight quarter.

Operating profit was KRW 14.12 trillion, and it improved 51% from a year earlier (KRW 9.38 trillion), with the Device Experience (DX) division posting the highest revenue since 2013.

According to the detailed financial report, literally all divisions reported a yearly increase both in sales and operating profit. Speaking of the mobile phones business, Samsung revealed the numbers are the result of strong sales of the Galaxy S22 Ultra flagship, as well as “positive responses to new, mass-market 5G models” and “solid sales of Device Ecosystem products” which include tablets, smartwatches and audio wearables.

The memory business achieved a record-high in sales amid solid demand. The same happened to the Samsung Display division, where results were driven by strong sales at major smartphone makers, as well as large displays for QD panels. TVs are part of the Visual Display Business, and numbers there were driven by the demand for Neo QLED and Super Big TVs.

The strength of the US dollar against the Korean won outweighed the weakness in some currencies, bringing KRW300 billion in operating profit, compared with the previous quarter.

Samsung is wary of the macroeconomic and geopolitical uncertainties, including the continuing COVID pandemic, as well as the ongoing logistics issues. Looking ahead to the Q2 results and H2 plans, the Korean company will prioritize strengthening its position in the premium segment for smartphones and expanding its SoC chip productions.

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