After launching three new Galaxy Book devices at its Unpacked event earlier this week, Samsung has shared its financial report for the first quarter of 2021. And like archrival Apple, Samsung appears to have had a pretty good quarter. It made a total of $ 59.04 billion in revenue with an operating profit of around $ 8.47 billion.
The South Korean tech giant shared earnings report through their official newsroom. And according to Samsung, it witnessed a 6% increase in revenue compared to the previous quarter. Additionally, it posted a 4% increase in earnings over the prior three-month period, although display and semiconductor earnings were lower than ever during the period. However, strong sales of smartphones and consumer electronics outpaced lower earnings and led the company to a successful quarter.
A successful quarter for Samsung
Now, getting into the details, even though Samsung’s semiconductor and display business posted low profits, the company saw an 18% increase in sales of its smartphones, televisions, and other home products. In fact, the Korean giant topped the global list of smartphone manufacturers, according to the IDC report, shipping around 75.3 million units of smartphones worldwide.
This allowed the company to overtake Apple to regain top spot on the chart and also led it to capture around 21.2% of the market share in the smartphone sector.
Going forward, Samsung expects market conditions to improve for the components business as the company aims to expand its product and technology leadership in the market. In the case of smartphones, the company says it aims to focus on strengthening its premium category devices to establish category leadership. However, the company also says that global macroeconomic risks and uncertainties about demand are likely to persist due to the current COVID crisis.
Nonetheless, Samsung aims to continue to innovate and manufacture the necessary products and components, such as displays, chipsets, and 5G technology to meet the growing market demands. Furthermore, the company expects further adoption of OLED panels in the market and also aims to establish a foundation for developing quantum dot (QD) displays.
So overall, it looks pretty good for Samsung as market conditions are gradually improving around the world. Additionally, the company plans to launch a variety of products this year, including new foldable devices, the long-awaited Galaxy S21 FE 5G, and more.
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