SEOUL, South Korea (AP) — Samsung Electronics Co. says its January-March operating profit rose 53 percent over a year earlier.
The South Korean firm estimated Friday its first quarter operating income at 8.7 trillion won ($7.7 billion). The preliminary result is a 2 percent decline from the previous quarter when the operating income stood at a record high.
Samsung said its first quarter revenue grew 15 percent from a year earlier to 52 trillion won.
Analysts say smartphone sales and shortages in memory chips for personal computers helped Samsung. Its first-quarter profit was higher than market expectations during a typically slow quarter in the consumer electronics markets.
Samsung's full results including net profit and breakdown figures for each division will be released later this month.