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Samsung Electronics released its financial earnings for the first quarter of 2021 and the reports show that the tech company is having a great first quarter. According to the report, Samsung has seen a net profit of KRW 7.1 trillion (around $6.4 billion) just in the Q1 of 2021.
The Korean tech giant credited their Smartphone business and the strong performance of the Galaxy S21 series in the market as a driving factor for the tremendous growth of the company's profit. As a matter of fact, Samsung is the leading smartphone brand when it comes to the Q1 of 2021 as the company has a 23% of global smartphone market share and shipped almost 77 million units of smartphones.
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According to Samsung, the company saw good sales on its DRAM memory chips business, and demand for other gadgets and consumer electronics were decent as well. The report also stated that the effects of the Texas ice storm and February power outage at Austin fab negatively impacted the chip business of Samsung. Samsung was forced to shut down its semiconductor plant in Austin, Texas which resulted in a loss of over KRW 300 billion ( around $270 million).
In the upcoming quarters of 2021, the company has set its focus towards the OLEDs and the next generation of Quantum Dot (QD) displays.
Also, the company expects to see a drop in its smartphone sales in the upcoming quarter because of the global chip shortage.
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