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Samsung’s Q1 2022 profit jumps 51%, thanks to strong chip and smartphone sales

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Last updated: April 28th, 2022 at 06:16 UTC+02:00

Earlier this month, Samsung had posted its revenue estimates for Q1 2022. Today, the company published actual earnings for the first quarter of the year, and the results have been nothing short of amazing. The company’s revenue rose 18%, while the operating profit jumped 51% compared to Q1 2021.

Samsung revealed that its revenue during Q1 2022 was KRW 77.8 trillion (around $61.19 billion), and the operating profit was KRW 14.12 trillion (around $11.10 billion). The South Korean firm’s semiconductor chip division contributed to more than half (KRW 8.5 trillion) of this operating profit. The company’s foundry business also saw record numbers.

The tech giant’s smartphone arm also contributed decently (around KRW 3.82 trillion) to the company’s overall business. The early launch of the Galaxy S22 helped the company. Samsung said that the Galaxy S22 Ultra did well with Galaxy Note fans. Its mid-range 5G smartphones, tablets, and wearables also saw good sales during the quarter.

Samsung Display, the company’s display panel manufacturing arm, contributed KRW 1.1 trillion (around $881 million) to the group’s operating profit. It managed to ship a good chunk of smartphone OLED panels to Apple and Samsung MX. The company said that the response to its new QD-OLED panels has been positive and that it will improve yields and start shipping panels to more TVs in the future.

Samsung’s TV sales saw a drop in numbers to KRW 0.8 trillion. The company said that the Russia-Ukraine war led to lower demand for TVs. The South Korean firm had seen pent-up demand during Q1 2021 after the COVID-19 pandemic.

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