Samsung Electronics posts 22% jump in Q1 net profit

South Korean tech giant Samsung Electronics reported a better-than-expected 21.7% rise in first-quarter net profit yesterday as consumers rushed to buy smartphones under the looming threat of US tariffs.

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The firm said it expected improved earnings in the second half if “uncertainties are diminished”.

The results come as Seoul and Washington work to craft a “trade package” intended to roll back US President Donald Trump's new tariffs ahead of the July 8 expiration of a reciprocal tariff freeze.

Samsung Electronics is the flagship subsidiary of South Korean giant Samsung Group, by far the largest of the family-controlled conglomerates that dominate business in Asia’s fourth largest economy.

The world’s largest memory chip maker reported net profit of 8.22 trillion won ($5.75 billion) for the January-March quarter, up 21.7% on-year.

Sales rose 10% to an all-time quarterly high of 79.14 trillion won and operating profit rose 1.2% to 6.7 trillion won on-year, exceeding forecasts according to Yonhap News Agency, which cited its own financial data firm.

South Korea — one of the United States’ key trading partners and home to powerhouse chip and auto industries — earlier this month also unveiled an additional $5 billion investment in its semiconductor industry, citing “growing uncertainty” stemming from US tariffs.