Samsung Electronics posted a record quarterly operating profit for the first three months of 2018, mostly powered by better-than-expected memory chip prices and solid sales of its latest flagship smartphone.
In a statement, the company said its operating profit was $14.5 million during the first quarter, up 58 percent from last year. Revenue jumped 20 percent to $56.3 million, which was in line with earlier estimates.
“Samsung Electronics remains our top pick given its dominant position and cost leadership in DRAM and NAND, as well as OLED profit growth and improved cash returns. We rate Samsung as ‘outperform’ with a target price of $0.37 million for ordinary shares,” said Bernstein,