Samsung exceeds expectations due to memory chip demand

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Samsung sold through a huge $56.4 billion in Q1 2018, with these sales including the new Galaxy S9 and the near unlimited want for memory across the world with ASIC miners and graphics cards.

Profits from the mobile unit, which once contributed more than 70 per cent of Samsung's overall profits in its 2012-2014 heyday, accounted for less than 20 per cent of total profit in the fourth quarter past year.

Revenue was estimated to have increased 18.7 percent to 60 trillion won, Samsung said in a regulatory filing. The record earnings have not been driven by smartphone sales as one would ordinarily assume but were mostly due to a high demand for memory chips. The company did not elaborate on its performance and will disclose detailed earnings in late April.

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Investors fretted over how a potential trade fight between the US and China would impact domestic and global growth. The economy saw the addition 103,000 nonfarm jobs as the unemployment rate held at 4.1%, its lowest since 2000.

The prices of NAND chips commonly used in mobile devices began falling late previous year and analysts have been closely watching for signs of the peak in the DRAM price boom as well.

This marks the fourth straight quarter in which the South Korean tech firm has beaten its record operating profit. Lee Jay-yun, an analyst with Yuanta Securities Co. explains: "Memory chips are the loyal son of Samsung".

According to a recent report obtained by Reuters, the leading global phone manufacturer is expected to post over 50% YoY rise in profits when the financial results for the first quarter of the year spanning January-March 2018 are eventually released.

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Rumours are now circulating that Samsung is already working on its next Galaxy S9 model, following a new benchmark result shared on the website Geekbench.

The shares of Samsung fell about 1% in Seoul, as the KOSPI index declined on concern over U.S. tariffs.

In a separate development, prosecutors searched the offices of a Samsung's unit on Friday as part of a probe into allegations the conglomerate had sabotaged worker's efforts to set up stronger unions, Yonhap News Agency said.

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"There is no disagreement on how well Samsung's chip business is doing, but Samsung's mobile business must be doing better than we had expected", he said. She declined to comment further.

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