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Samsung reports a 50% jump in earnings in first quarter of 2022

The South Korean electronics company earned more than $11 billion in U.S. dollars in profit.

AUSTIN, Texas — Samsung released its quarterly earnings report on Thursday for the first quarter of 2022.

The South Korean electronics company with a large presence in the Austin area earned more than $11 billion in U.S. dollars in profits in the first quarter of 2022. That's an estimated 50% jump in quarterly operating earnings from the same time last year. 

Samsung reported about $63 billion in total sales in the first quarter of the year, marking about a $10 billion increase from 2021. 

The spike in earnings comes at a time when the company is working to address the ongoing microchip shortage, and after announcing a new manufacturing facility in Taylor, Texas. That facility will reportedly produce advanced logic chips that will power devices for applications like mobile, 5G, high-performance computing and artificial intelligence.

The $17 billion facility, officially announced in November 2021, is expected to create more than 2,000 tech jobs, more than 6,500 construction jobs and many more indirect jobs as a result of the new facility being constructed in the city. Officials estimate the Samsung plant could begin production in late 2024 or early 2025.

Samsung is no stranger to Austin though, as it already operates a semiconductor facility in the city. That site first opened in 1997, now 25 years ago. The new Taylor facility is an expansion for the company in the area, not a relocation of the Austin plant.

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