An assured performance

The South Korean technology group has announced bumper first-quarter results, as consumers stuck indoors for months on end decided they might as well install a giant television screen and bump up the rest of their consumer electronics with the loot they had saved by being unable to go on holiday. Smartphone sales were particularly strong after it released a flagship phone and a number of midpriced models in January, and its share of the global smartphone market rose to 23% in the quarter, up from 16% in the previous quarter when Apple released its new iPhone.

The only blip in an otherwise assured performance came after a huge snowstorm in Texas in February caused its Austin chip plant to close for more than a month, and this has contributed to a global chip shortage that is playing havoc with supply chains in the automotive industry and is now spilling over into consumer electronics. With the shortage of semiconductors expected to last for a year at least, carmakers are idling factories and even Apple has announced that supply chain issues are affecting sales of iPads and Macs.

Meanwhile, anybody grumbling about having to write a cheque to the taxman could spare a thought for the Lee family, who have announced that after the death of Samsung chair Lee Kun-hee they would be paying inheritance tax of more than $10bn on his estate. The family’s public image had taken a knock after his son was banged up for bribery in January, but paying the tax bill and announcing a slew of philanthropic donations should clear the air.

Bumper firstquarter results should help clear the air over an inheritance tax bill