Samsung expects first-quarter profit to soar 44%

From CNET: Samsung expects a healthy jump in its first-quarter profit, probably due to strong demand for computers and home appliances during the pandemic.

The Korean electronics giant said Tuesday its profit for the three-month period ended March 31 would come in at about 9.3 trillion won ($8.3 billion), an increase over the year-ago period of 44%. The company also expects to record revenue of 65 trillion won ($58 billion), an increase of about 17% year over year.

The earnings guidance, released Thursday ahead of full earnings later this month, didn't provide specific divisional results.

The apparent rebound comes after its mobile business sales tumbled 11% in the fourth quarter because of "intensified competition in the year-end season." Samsung said in January it expected its Galaxy S21 lineup, introduced earlier that month, to boost its results in the first quarter.

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