Samsung Electronics reported record sales in the first quarter of the year. LG Electronics delivered a record quarter both in sales and operating profit terms. Consumer sentiment, which was seriously hurt by the COVID-19 pandemic, began to surge at the end of last year and onto the first quarter.
According to Samsung Electronics’ earnings guidance for Q1 announced on Wednesday, the tech giant posted consolidated sales of 65 trillion won and consolidated operating profit of 9.3 trillion won in the first quarter, up 17.5% and 44.2%, respectively from the same period of last year. Even compared to the fourth quarter of last year, which has positive seasonality, sales increased by 5.6%. This is the first time that Samsung Electronics’ Q1 sales increased from last year’s fourth quarter since the International Financial Reporting Standards (IFRS) was introduced in 2011.