Samsung profits jump by more than 900% on chips

Samsung Electronics has reported a more than 900% jump in profits for the first quarter of 2021, driven by strong demand for its semiconductor chips.

The South Korean tech giant said its operating profit for the January-March quarter was 9.3 trillion won ($8.32 billion), up from 903 billion won a year earlier. This marks the company’s highest quarterly profit in more than three years.

Samsung’s semiconductor division was the main driver of the profit surge, as the global shortage of chips led to increased demand and higher prices for memory chips used in smartphones, computers, and other devices.

The company also saw strong sales of its flagship smartphones, the Galaxy S21 series, as well as growth in its home appliance and TV businesses.

Analysts predict that Samsung’s chip division will continue to drive profits in the coming quarters, as demand for electronics remains high and the company invests heavily in expanding its production capacity.

Overall, Samsung’s strong performance in the first quarter of 2021 bodes well for the company’s continued success in the global tech market.