Samsung profits soar 50% on chip sales.

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Samsung reported solid results on Thursday, with benefits for the primary quarter climbing more than 50% compared to the same time a year ago. The South Korean tech mammoth pulled in 77.8 trillion Korean won ($61.3 billion) in income and 14.1 trillion Korean won ($11.1 billion) in working profit, roughly in line with its possess figure prior this month. The solid profit are credited to deals of its memory chips, which were up about 40% year-on-year, taking in approximately 20.1 trillion won ($15.8 billion). Samsung’s versatile division also benefited from solid sales of its newest lineup of smartphones, which it said “centered on” the lead Universe S22 Ultra. The models were propelled at a splashy event in February.

But the electronics maker too warned that migraines over long-running supply chain issues would “hold on,” driving to component deficiencies for its gadgets. The company said it would proceed to focus on efforts to shore up its stock of chips and picture sensors this year. Samsung (SSNLF) too flagged that it expected debilitated customer opinion for smartphones due to “prolonged geopolitical conflicts and lockdowns in some areas.

Research supplier Canalys has pointed to a softening global smartphone market, with “an unsettled trade environment” in the to begin with quarter, concurring to the firm’s bad habit president of portability, Nicole Peng. In a report final week, she famous that “vendors confront major instability due to the Russia-Ukraine war, China’s rolling [Covid-19] lockdowns and the danger of expansion. All this added to customarily moderate regular demand.” Still, Samsung led worldwide deals in the first quarter, beating out Apple (AAPL), according to Canalys.

An excerpt CNN Business

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