Samsung Electronics, a titan in the global tech industry, has revealed its top five revenue sources for Q1. The list includes Apple, Deutsche Telekom, Hong Kong Techtronics, Suprem Electronics and Verizon. Surprisingly absent from the list are American electronics retailer Best Buy and semiconductor company Qualcomm, which have been replaced by Hong Kong Techtronics and Taiwanese semi-conductor distributor, Suprem Electronics.

This is the first time since 2021 that Qualcomm, which had previously handed over a part of the production of its flagship smartphone application processor ‘Snapdragon’ to Samsung Electronics Foundry, has not been among the top five revenue sources for Samsung Electronics. It is widely known that Qualcomm has been exclusively outsourcing it to Taiwan Semiconductor Manufacturing Company (TSMC) for several years now. Similarly, Best Buy also failed to make the list this time around.

Samsung’s top five revenue sources account for roughly 13% of its total sales. Looking at the sales by region, the proportion of exports to China has slightly increased to 28.8%, from 24.8% at the end of last year, reflecting the growing demand for semiconductors from Chinese smartphone manufacturers.

Meanwhile, Samsung’s inventory assets for Q1 on a consolidated basis have increased by about 3.3% to KRW 53.34 trillion, compared to KRW 51.62 trillion at the end of last year. Samsung Electronics explained that the slight increase in net inventory of the Device Solutions (DS) division reflects the provision for inventory valuation allowance, and that actual inventory, primarily semiconductors, has decreased.