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Samsung Electronics says Q1 operating profit down 29.6% year on year

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South Korean tech giant Samsung Electronics Co Ltd on Wednesday reported January-March operating profit fell 29.6 per cent from a year earlier, in line with the firm's earnings guidance, as strong chip sales offset a weaker mobile division.

[SEOUL] South Korean tech giant Samsung Electronics Co Ltd on Wednesday reported January-March operating profit fell 29.6 per cent from a year earlier, in line with the firm's earnings guidance, as strong chip sales offset a weaker mobile division.

In its strongest result in three quarters, the company reported a 6 trillion won (S$7.4 billion) operating profit for the first quarter, compared with the 5.9 trillion won it had guided for.

Profit for the mobile division fell to 2.74 trillion won from 6.43 trillion won a year earlier, although it rose from the previous quarter as the firm rolled out new mid-range products in major markets.

REUTERS

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