Samsung Reports 52 Percent Jump in First-Quarter Earnings

Samsung Electronics says its first-quarter earnings jumped 52 percent over a year earlier thanks to its mainstay memory chips that posted another record-high quarterly profit.

The South Korean tech giant said Thursday that it recorded 11.7 trillion won ($10.8 billion) for its January-March net income, compared with 7.7 trillion won a year earlier.

The result slightly exceeded expectations of 11.3 trillion won according to financial data provider FactSet.

Sales rose 20 percent to 60.6 trillion won while operating income surged 58 percent to 15.6 trillion won during the period.

Samsung said its semiconductor division benefited from strong demand for server chips from global data center operators and chips that handle graphics and crypto-currency mining cards.

Source: Associated Press