Samsung Electronics reports 52% jump in Q1 net profit

Updated 26 April 2018
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Samsung Electronics reports 52% jump in Q1 net profit

  • Profits bump thanks to strong demand for memory chips, smartphones
  • Net profit for the January to March period hit 11.69 trillion won ($10.8 billion)

SEOUL:  Samsung Electronics reported a 52 percent jump in its first quarter net profit Thursday, thanks to strong demand for memory chips and its latest flagship smartphone.
Net profit for the January to March period hit 11.69 trillion won ($10.8 billion), up from 7.68 trillion won a year earlier, the company said in a regulatory filing.
Operating profit was a record 15.64 trillion won, in line with the estimate of 15.6 trillion won suggested in a preliminary guidance report released earlier this month.
“The semiconductor business posted solid earnings — 11.55 trillion won in operating profit on a 20.78 trillion won revenue — on strong demand for memory chips,” the company said in a statement.
Total sales grew 19.8 percent to 60.56 trillion won and Samsung expects the memory business to maintain its strong performance in the second quarter.
But generating overall earnings growth across the company will be a challenge due to weakness in the display panel segment and a decline in profitability in the mobile business in the face of rising competition, it said.


Instagram moves into e-commerce with shopping button

Updated 20 March 2019
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Instagram moves into e-commerce with shopping button

  • A new “checkout” button for instant purchasing launched in a beta version of the app in the US with a limited number of businesses
  • Facebook makes the bulk of its money from digital advertising but has dabbled with e-commerce in the past

SAN FRANCISCO: Facebook-owned Instagram on Tuesday made a move into potentially lucrative e-commerce by adding an option to buy products shown off in posts by selected brands.
A new “checkout” button for instant purchasing launched in a beta version of the app in the US with a limited number of businesses, according to the popular image-centric messaging service.
“We’re introducing Checkout on Instagram,” the Silicon Valley based division of Facebook said in an online post.
“When you find a product you love, you can now buy it without leaving the app.”
Tapping the checkout button will allow shoppers to select options such as size or color and then pay for items without leaving the Instagram app.
Previously, people inspired to buy products featured in Instagram posts had to follow links to outside online shopping sites.
Information entered for an initial purchase will be stored for future use, according to Instagram.
It remained to be seen how people would feel trusting information such as credit card details to a service owned by Facebook, which has been hit with waves of criticism for its handling of personal data.
Brands taking part in the checkout feature included Adidas, Burberry, Dior, H&M, Nike, Oscar de la Renta, Prada, and glasses retailer Warby Parker.
Facebook makes the bulk of its money from digital advertising but has dabbled with e-commerce in the past. It has pitched its Messenger service as a communication platform for shops or brands to connect with customers.