Samsung Posts Sharp Rise in Quarterly Profit

SEOUL—Samsung Electronics Co. reported record quarterly revenues and saw net profit jump by 59% in the first three months of the year, aided by resilient memory chip demand and a hotter sales start for its latest flagship smartphone.

The South Korean tech giant reported a first-quarter net profit of 11.3 trillion won, or the equivalent of roughly $8.9 billion. That compares with 7.14 trillion won from the year-earlier quarter.

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