The logo of Samsung Electronics is seen at its office building in Seoul, South Korea on Jan 7, 2019. SEOUL: South Korean tech giant Samsung Electronics flagged a 44.19 per cent rise in first quarter operating profit on Wednesday , largely driven by robust sales of smartphones and the launch of its flagship Galaxy S21 series.
The coronavirus has wreaked havoc with the world economy, with lockdowns and travel bans imposed around the globe for many months. "Key to the success of this latest flagship has been its lower US$799 starting price," tracker Counterpoint Research said in a report. Samsung said operations at its factory returned to almost normal in late March, but South Korea's Yonhap news agency reported the company may suffer around 400 billion won in losses due to the shutdown.
With the estimates, Samsung is expected to reclaim its global smartphone market lead, the tracker said, after losing the spot to Apple during the last quarter of 2020.