Samsung today released the results for its first quarter of 2022. The South Korean company posted higher figures driven by strong demand for memory chips and smartphone sales.
A promising first quarter
The electronics maker posted revenue of $61.2 billion in the past three months. This is 19% more than last year at the same period. The company’s profits increased by almost 51% over the rolling year, reaching $11.12 billion in revenue.
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Samsung’s first quarter of 2022 marks the highest revenue since 2013 in the Device Experience division, but also an all-time high for quarterly revenue in the Device Solutions division.
Three key areas for Samsung
Memory chips produced by the South Korean giant generated $26.87 billion in sales. As for the profits reported by these semiconductors, they amount to 6.62 billion dollars. Samsung has seen a slight drop in revenue in this area. Still, the memory chip market has exceeded forecasts and demand remains strong. The company hopes that this will remain solid in the next quarter.
The brand’s phones are also very successful. The sale of phones brought in $25.5 billion in revenue and $3 billion in profit. This is partly thanks to the sale of its latest smartphone, the Galaxy S22, since last February. The demand for this model as well as its high-end version, the Galaxy S22 Ultra, is 20% higher than that of its predecessor.
Samsung has also noted a turnover of 6.24 billion dollars and a profit of 854 million dollars for the sale of its screens. This 15% increase compared to the first quarter of 2021 is explained by an increase in requests for high-end products as well as the growing adoption of OLED screens on computers and video game consoles.
The South Korean flagship plans for the second half of the year to consolidate its position in the high-end smartphone market. It remains to be seen whether the current situation, driven by the war in Ukraine, will allow it to maintain its results. As a reminder, in March, Samsung had suspended its exports to Russia where it holds 30% of the smartphone market share.