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07.04.2020

Samsung boasts its first-quarter profit

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The company is benefiting from higher demand for chips from laptop makers amid a shift to working from home

Stocks impacted: Samsung Electronics Co Ltd (005930)

South Korea’s leading manufacturer reported that its operating profits inched up 2.7% in the first quarter. Sales were 55 trillion won, up 5% year-on-year. It looks like the company appears to have been relatively unaffected, at least so far. Samsung is benefiting from higher demand for chips from laptop makers and data centers amid the coronavirus-driven shift to working from home. Last month, Samsung Electronics said the coronavirus would hurt sales of smartphones which accounted for about 47% of its revenue last year. Amid the coronavirus outbreak, Samsung had to close factories and retail stores in Europe, India and the United States. Some time later, its consumer electronics businesses in particular will likely be affected by retail closures, supply chain disruption, and financial uncertainty. Samsung shares finished 1.85% higher on Tuesday.

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