Now that the first quarter of the year is behind us, we are starting to see more financial reports for the start of the year. Samsung is taking the spotlight today with booming business despite the COVID-19 pandemic, much like other tech companies recently.

The Korean tech giant has reported 46% higher profits compared to the same period last year and this has been credited to strong Galaxy S21 sales. However, while Samsung did report a healthy net profit figure of $6.4 billion for Q1 2021, the company warned investors of significant impacts on the business in the future due to the global chip shortage.

Samsung Reports Healthy Profits in Q1 2021 Thanks to Strong Galaxy S21 Sales

Samsung’s notable DRAM memory chips also showed strong sales once again, but the company said that production has faltered due to the recent power outage issues in Texas and the declines in the chip market. However, the demand remained strong for the DRAM chips as well as the Galaxy S21 series, which drove profits higher than ever in the first quarter.

As for the next quarter, Samsung expects to see a drop in smartphone sales due to a shortage of components caused by supply issues. The display business will continue to focus on OLED panels for smartphones, TVs, tablets, laptops, and other products.