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Samsung Profit Surges 44% as Mobile Sales Cushion Fab Loss

  • Company released new flagship Android phone earlier than usual
  • Faster-than-expected recovery pushing up memory chip prices
Bloomberg business news
WATCH: IDC Asia-Pacific Senior Research Manager, Client Devices, Kiranjeet Kaur, discusses her outlook for Samsung. (Source: Bloomberg)
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Samsung Electronics Co.’s profit for the first quarter rose 44% from the prior year as the early release of a new flagship smartphone and strong gadget sales softened the blow from a Texas power failure that took one of its factories offline.

South Korea’s biggest company posted operating income of 9.3 trillion won ($8.3 billion) for the three months ended March in preliminary results released Wednesday. That compares with a 8.88 trillion won average of forecasts. Sales for the quarter were 17% higher than the same period a year ago at 65 trillion won. The company didn’t provide net income or break out divisional performance, which it will report later this month.