Samsung tops estimates due to memory chip demand

Samsung Electronics Co. exceeded analysts’ quarterly profit estimates on booming exports of memory chips, but warned of challenges in smartphone demand in the coming months.

Net income rose to 11.6 trillion won ($10.7 billion) in the three months ended March, the Suwon, South Korea-based company said in a filing Thursday, beating the 10.9 trillion won average of projections compiled by Bloomberg. Sales rose 20 percent to 60.6 trillion won.

The results ease concerns of slowing demand for chips after a year of record profit that helped Samsung replace Intel Corp. as the king of semiconductors by revenue. The mobile business will see declining profitability amid weak demand, Samsung said. That won’t offer any solace to other global chipmakers and suppliers for Apple Inc., which have issued gloomy outlooks and seen their shares fall in the past two weeks. Samsung also warned of weaker demand for the screens used in Apple’s

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