Samsung Electronics Co. has survived the quarter of its first chip production suspension by delivering its best performance for January-March period since the chip boom year of 2018 on strong sales of smartphones and home electronics.

In disclosure Wednesday for the guidance on its first quarter ended March, the South Korean tech giant estimated an operating profit of 9.3 trillion won ($8.3 billion), up 2.8 percent on quarter and 44.2 percent on year. Sales were projected at 65 trillion won, gaining 5.6 percent on quarter and 17.5 percent on year.

The statement for the first quarter is strongest since 2018 chip boom year.

The company releases audited and detailed income statement in the final week of April.

The turnout was comfortably above the consensus of 8.8 trillion won in profit and 60.8 trillion won in sales according to compiling by local financial data tracker FnGuide.

Shares of Samsung Electronics closed Wednesday 0.47 percent lower at 85,600 won.

Samsung Electronics enjoyed a strong demand for home electronics and smartphones amid faster-than-expected recovery in global economy amid vaccine rollouts. Its phones are estimated to have contributed 23 percent of global smartphone sales in the first quarter, according to Counterpoint Research’s latest report.

Its mainstay chip business would have suffered a mild dent from a six-week suspension at its chip facility in Texas, the U.S. due to unseasonable cold climate.

By Cho Jeehyun

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