April 26, 2024

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[THE INVESTOR] Tech giant Samsung Electronics' shares opened higher on May 8, riding continuing momentum on the back of its crucial management plans announced last month and strong earnings in the first quarter.

The share price reached 2,289,000 won (US$2,018) in early morning trading, up 0.57 percent. It touched a record high of 2,290,000 won on April 28, a day after the tech behemoth announced its robust earnings in the first three months. 

The company raked in 9.9 trillion won operating profit in the first quarter, up 48.3 percent on year with its revenue coming in at 50.6 trillion won, up 1.5 percent.

The Korean tech firm has announced that it will not establish a holding company, rejecting calls from some of its large shareholders, including activist hedge fund Elliott Management.

Market analysts have a positive outlook on Samsung’s second-quarters earnings thanks to robust sales of memory chips, OLED displays and smartphones.

“Samsung’s operating profit in the second quarter will increase to 12 trillion won, up 22 percent from the same period last year,” Do Hyun-woo, an analyst from Mirae Asset Daewoo, wrote in his report.

By Kim Young-won (wone0102@heraldcorp.com)