Samsung recently published its Q1 2021 financial results revealing an impressive growth as compared to the corresponding results in Q1 of 2020.
The South Korean company has revealed that it had a consolidated sales margin of about $59.04 billion and an operating profit of about $8.47 billion in the period ending March 31, 2021. The company recorded an 18% growth in smartphones, TVs, and household gadgets over the past year.
For the upcoming year, Samsung plans to pursue rapid deployment of premium 5G wireless smartphones and secure profitability by significantly reducing the shocks and disruptions occasioned by demand and supply glitches in its production lines.
Due to the ongoing chipset shortage, the outlook for the year remains a mixed bag of uncertainty. However, the company says that it still hopes to continue its growth trajectory by expanding sales of innovative products that are the outcome of a well-researched market demand template.
Despite the situation, Samsung will continue to pursue research that will help it maintain its competitive edge in the tech firmament. The company says it is planning to strengthen its leadership and promote sustainable growth by scaling up the production and sales of lifestyle products and high value-added premium products while remaining responsive to market changes.
Recently, the company started deploying a massive expansion to its chipmaking arm in its attempt to reverse the global chip shortage. Hence, Samsung is looking into a year of growth in terms of business and profit.