Samsung reports record-breaking Q1 revenues boosted by strong Galaxy S22 sales

Samsung has announced its first quarter financial results. The company boasted a record-breaking third quarter consolidated revenue.

Operating profit was KRW 14. 12 billion, and it improved 51% from a year earlier (KRW 9. 38 trillion), with the Device Experience (DX) division posting the highest revenue since 2013.

According to the detailed financial report, literally all divisions reported a yearly increase both in sales and operating profit. Speaking of the mobile phones business, Samsung revealed the numbers are the result of strong sales of the Galaxy S22 Ultra flagship, as well as “positive responses to new, mass-market 5G models” and “solid sales of Device Ecosystem products” which include tablets, smartwatches and audio wearables.

The memory business achieved a record-high in sales amid solid demand. This was also true for the Samsung Display division. Strong sales from major smartphone manufacturers and large QD panel displays were key factors in their success. The Visual Display Business includes TVs, with numbers driven by demand for Neo QLED TVs and Super Big TVs.

The strength of the US dollar against the Korean won outweighed the weakness in some currencies, bringing KRW300 billion in operating profit, compared with the previous quarter.

Samsung is wary of the macroeconomic and geopolitical uncertainties, including the continuing COVID pandemic, as well as the ongoing logistics issues. Looking ahead to the Q2 results and H2 plans, the Korean company will prioritize strengthening its position in the premium segment for smartphones and expanding its SoC chip productions.

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