Samsung Electronics estimates Q1 profit jumped 50% on solid chip demand

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SEOUL (Reuters) - Samsung Electronics Co Ltd on Thursday reported a 50% jump in quarterly operating earnings to post its highest first-quarter profit since 2018, as solid demand underpinned prices for memory chips.

The world’s largest memory chip and smartphone maker estimated first-quarter profit at 14.1 trillion won ($11.6 billion), versus a Refinitiv SmartEstimate of 13.3 trillion won.

Revenue likely rose 18% from the same period a year earlier to a record 77 trillion won, the company said in a short preliminary earnings release, also above market expectations.

Samsung is due to release detailed earnings on April 28.

($1 = 1,218.1800 won)

Reporting by Joyce Lee and Heekyong Yang; editing by Richard Pullin