Samsung reports revenue increase on heels of higher mobile phone sales

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Samsung reports revenue increase on heels of higher mobile phone sales - Business Standard

Quick Summary:

The South Korean semiconductor and smartphone giant said in a statement that it posted 79.14 trillion won ($56 billion) in consolidated revenue for the January-March quarter, calling it an all-time quarterly high.

However, the operating profit of the company's semiconductor business fell to 1.1 trillion won ($774 million) from 1.91 trillion won ($1.3 billion) in the corresponding quarter last year.

Samsung Electronics reported Wednesday a sharp increase in consolidated revenue for the first quarter thanks to strong sales of its new smartphones, but its semiconductor business suffered a setback.