Apr 29, 2021

Samsung: Handsets push profits to pre-pandemic highs

Samsung Electronics has announced its strongest first quarter profits since 2018 on the back of strong mobile sales led by its flagship Galaxy S21 line. Sales of television and home appliances saw strong growth, buoyed by continued stay-at-home demand. "Solid sales of smartphones and consumer electronics outweighed lower earnings from semiconductors and displays," the company said in an earnings report. Its main competitor for premium phones Apple also posted bumper results on Tuesday, with iPhone sales in China helping to double the company's profits since the start of the pandemic. Samsung is tipping a slightly lacklustre second quarter followed by stronger results in the second half, as the economic recovery from the Covid-19 pandemic gathers pace and more consumers look to upgrade to 5G mobile services.

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