Samsung Electronics stock price jumped nearly 5% on Tuesday after the South Korean technology giant projected its first-quarter earnings would exceed its entire profit for last year, beating expectations.
Samsung shares rallied as much as 4.86% to a high of 202,500 won during the session, as compared to its previous close of 193,100 won, before paring some of its gains.
Samsung Electronics estimated that its first quarter operating profit jumped to a record high of 57.2 trillion won ($37.9 billion), exceeding market expectations and more than eight times the profit it posted a year earlier.
The company also said that its sales were expected to reach 133 trillion won ($88 billion) in the January-March quarter, a growth of 68% compared to the same period last year.
(More to come)