Both of South Korea's top electronics conglomerates have surprised by beating market expectations for their estimated earnings in the first quarter amid the prolonged COVID-19 pandemic.
In its earnings guidance on Wednesday, Samsung Electronics estimated its first-quarter operating profit at nine-point-three trillion won, beating the market consensus of eight-point-95 trillion won. The figure also is 44-point-two percent better from the same time last year.
Samsung projected its first-quarter sales at 65 trillion won, close to the record 66-point-96 trillion won reached in the third quarter of last year.
The latest estimates come as the tech giant's mobile business fared well, especially with the early release of the S21 Galaxy, offsetting a relatively tepid performance in its semiconductor business.
LG Electronics expected its best-ever quarterly performance, with the estimated operating profit at one-point-51 trillion won, up 39-point-two percent from a year earlier. The market consensus was one-point-27 trillion won.
LG projected sales at 18-point-eight trillion won, up 27-point-seven percent from a year earlier, reflecting record sales and operating profits in its home appliance and TV businesses due to increased demand amid the pandemic.