Samsung’s 21% Sales Jump Banishes Worst Fears of Inflation Hit

Samsung Electronics Co. reported a better-than-anticipated 21% jump in revenue, assuaging investors’ worst fears about the impact of weakening consumer demand and soaring materials costs on the $550 billion chip industry.

The results from South Korea’s largest company — among the first major tech firms to report earnings after a pivotal quarter — helped drive a rally in Asian stocks Thursday. While concerns linger about the longer-term impact of a potential global recession, investors seized on Samsung’s top-line expansion as a sign that chip stocks may have been oversold.