Samsung made over $50 billion in sales this quarter

Samsung's Always on Display now comes with a few more options. Image Tech2/Rehan Hooda

Samsung Electronics reported a 58% surge in profit, topping projections as demand for its memory chips remained strong enough to outweigh concerns about display supplies to Apple. Samsung has now confirmed this in its guidance number announced today. Last year's S8 and S8+ helped bolster the Suwon-based manufacturer's second-quarter profits as well. The firm expects operating profits of 15.6 trillion won (around $14.6 billion), marking a 57.6 percent increase from the same period a year ago. Q1 2018 sales also grew, rising 18.7 percent YoY to 60 trillion won, but that's lower than the previous quarter's 66 trillion won.

Concerns about the smartphone market and a subsequent fall in demand for components like OLED screens - used in Apple's iPhone X - are behind a roughly 5.3 per cent fall in Samsung's share price so far this year, from a record high in November.

Considering the company's whole memory business, Samsung is still expected to bring in higher profits this year. The company is estimated to have sold 10 million units to retailers alone. Samsung did not go into detail about its performance and will release final earnings results most likely in April 26.

They put this down to Samsung's early launch of its flagship Galaxy S9 device in March, healthy sales of older devices as consumers balk at the high price of new premium models, and a short-term dip in advertising costs. That compares to the 14.5 trillion won average of analysts' estimates compiled by Bloomberg. However, Meritz believes Samsung's display business' profit will plummet by 77 percent to 300 billion won.

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Traders' initial takeaway was that it signaled an escalation in the trade fight between the world's two biggest economies. Based on a recent bid, the stock is trading -6.21% away from it's 52- week high and 15.56% away from its 52 week low.

The won, which was trading around 1,070 won to the dollar last month, has appreciated to 1,050 won since the beginning of this month as the U.S. Donald Trump administration has been putting pressure on Korea to increase the value of its currency.

Samsung Electronics Co. said Friday it will participate in the ongoing rights offering of Samsung Heavy Industries allocating 204 billion won (US$191 million) in funds. "But it won't have a critical impact on the company's second-quarter performance".

Even with an optimistic outlook for its first-quarter earnings, shares of Samsung closed 0.7 percent lower to ₩2,420,000 on Friday.

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