The South Korean technology giant posted stronger-than-expected first-quarter profit, as solid gains in its smartphone segment offset weak earnings at its core semiconductor business.

The US has suspended “reciprocal tariffs” on dozens of countries, including South Korea and Vietnam, until July but a minimum 10 per cent duty still applies and is likely to increase prices of Samsung’s various consumer electronics such as smartphones and TVs.

Samsung Electronics reported Wednesday a sharp increase in consolidated revenue for the first quarter thanks to strong sales of its new smartphones, but its semiconductor business suffered a setback.