SEOUL (Reuters) -Samsung Electronics estimated on Friday a more than 10-fold rise in its first-quarter operating profit, as rebounding semiconductor prices lifted earnings from a low base a year ago when there was a severe downturn in chip demand.
The world’s largest memory chip and TV maker estimated its operating profit rose to a better-than-expected 6.6 trillion won ($4.89 billion) in the quarter ended March 31. That was up 931% from 640 billion won a year earlier, the South Korean firm said in a short preliminary earnings statement.
The operating profit beat a 5.7 trillion won LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.
Revenue likely rose 11% from the same period a year earlier to 71 trillion won, Samsung said, below a LSEG SmartEstimate of 72.3 trillion won.
($1 = 1,348.9300 won)
(Reporting by Joyce Lee and Heekyong Yang; Editing by Jamie Freed)