Samsung Electronics stated Tuesday its first-quarter operating revenue likely managed to grow slightly from a slump a year ago, as strong chip sales helped ease the strike from the coronavirus pandemic on smartphones and TVs.
The global chief in semiconductors is benefiting from higher demand for chips from laptop manufacturers and data centers amid the coronavirus-driven move to working from home.
However, at the same time, the South Korean tech titan is also expecting a bigger blow to its mobile and consumer electronics sales in the present quarter as the novel coronavirus sweeps through Europe and the U.S.
Samsung stated operating revenue was expected to be $5.2 billion in the quarter ended March, compared with $5 billion a year earlier and the $5 billion estimate from analysts, according to Refinitiv SmartEstimate.
Samsung Electronics shares had been up 1.6% in morning trade, in comparison with a 1.3% rise in the broader market.
The maker of smartphones, TVs, appliances, memory chips, and displays is the first global tech titan to report its January-to-March quarter earnings estimates.
Samsung Electronics mentioned in March the coronavirus pandemic would damage sales of smartphones and consumer electronics this year, while demand from data centers would propel a recovery in memory chip sectors.