Samsung Electronics Forecasts 10-Fold Profit Increase
By Kwanwoo Jun
Samsung Electronics said it expects a 10-fold increase in first-quarter operating profit, fueling hopes of a turnaround in its flagship semiconductor business after four straight quarters of losses.
The South Korean technology giant said in a preliminary earnings report Friday that its operating profit is expected to have risen sharply to 6.600 trillion won ($4.88 billion) from KRW640.00 billion a year earlier. That would be its strongest performance in one-and-a-half years.
The estimate beat a FactSet-compiled consensus forecast of KRW5.406 trillion.
Revenue is forecast to increase 11%, to KRW71.000 trillion, it said, marginally below the FactSet consensus estimate.
The company didn't provide further details. It is set to release full quarterly results later this month.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
April 04, 2024 20:07 ET (00:07 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks