The South Korean tech giant earned KRW 77.8 trillion ($61.3 billion) in revenue and KRW 14.1 trillion ($11.1 billion) in operating profit, roughly in line with its own forecast earlier this month.
The strong earnings were attributed to its memory chip sales, which were up nearly 40% year-over-year, taking in nearly 20.1 trillion won (US$15.8 billion).
Research provider Canalys cited a weak global smartphone market, with an “unstable business environment” in the first quarter, according to the company’s vice president of mobility, Nicole Bing.
In a report last week, it noted that “sellers are facing great uncertainty due to the Russo-Ukrainian war, and the spin of China [Covid-19] Lockdown and inflation risk. All this added to the traditionally sluggish seasonal demand.”
Samsung stock fell 0.5% in Seoul Thursday morning.