Samsung Electronics Forecasts 10-Fold Profit Increase
By Kwanwoo Jun
Samsung Electronics said it expects a 10-fold increase in first-quarter operating profit, fueling hopes of a turnaround in its flagship semiconductor business after four straight quarters of losses.
The South Korean technology giant said in a preliminary earnings report Friday that its operating profit is expected to have risen sharply to 6.600 trillion won ($4.88 billion) from KRW640.00 billion a year earlier. That would be its strongest performance in one-and-a-half years.
The estimate beat a FactSet-compiled consensus forecast of KRW5.406 trillion.
Revenue is forecast to increase 11%, to KRW71.000 trillion, it said, marginally below the FactSet consensus estimate.
The company didn't provide further details. It is set to release full quarterly results later this month.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
April 04, 2024 20:07 ET (00:07 GMT)
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