Samsung Reports Profit on High Memory Sales

Friday, April 6, 2018

Samsung Reports Profit on High Memory Sales

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Samsung Electronics announced a record first-quarter profit on strong memory chip sales.

The company forecast January-March profit to leap 57.6 percent from a year earlier to 15.6 trillion won ($14.7 billion).

Revenue for the quarter was tipped to rise 18.7 percent to 60 trillion won, Samsung said in a regulatory filing.

In a separate development, prosecutors searched the offices of a Samsung Electronics unit on Friday as part of a probe into allegations the conglomerate had sabotaged worker's efforts to strengthen labor unions, a South Korean prosecutors' office said.

A Samsung spokeswoman said prosecutors had secured labor-related documents.