After launching three new Galaxy Book devices at its Unpacked event earlier this week, Samsung has shared its financial report for the first quarter of 2021. And much like its arch-rival Apple, Samsung seems to have had a pretty good quarter. It earned a total of $59.04 billion in revenues with an operating profit of around $8.47 billion.
The South Korean tech giant shared the earnings report via its official newsroom. And as per Samsung, it witnessed a 6% increase in revenues as compared to the previous quarter. Moreover, it witnessed a 4% increase in profits from the previous three-month period, although earnings from displays and semiconductors were lower than ever during the period. However, strong sales of smartphones and consumer electronics outweighed the lower earnings and led the company to a successful quarter.
A Successful Quarter for Samsung
Now, getting into the details, even though Samsung’s semiconductor and display business yielded low earnings, the company saw an 18% increase in the sales of its smartphones, TVs, and other household products. In fact, the Korean giant topped the global smartphone manufacturer chart, as per IDC’s report, shipping around 75.3 million smartphone units worldwide.
This allowed the company to jump past Apple to regain the top spot in the chart and also led it to capture around 21.2% of the market share in the smartphone sector.
Going forward, Samsung expects that the market conditions will improve for the component business as the company is aiming to expand its product and technology leadership in the market. In the case of smartphones, the company says that it aims to focus on strengthening its premium category devices to establish leadership in the category. However, the company also says that global macroeconomic risks and uncertainties over demand are likely to persist due to the ongoing COVID crisis.
Nonetheless, Samsung aims to continue to innovate and manufacture the necessary products and components such as displays, chipsets, and 5G technology to meet the growing demands in the market. Moreover, the company is looking forward to increased adoption of OLED panels in the market and is also aiming to establish a foundation to develop quantum-dot (QD) displays.
So, all in all, it is looking pretty good for Samsung as market conditions are gradually improving around the world. Moreover, the company plans to launch an array of products this year including new foldable devices, the much-awaited Galaxy S21 FE 5G, and more.
