Samsung Electronics’ record-breaking first-quarter (Q1) revenue masks growing concern that South Korea’s largest and most globally integrated firm is now visibly constrained by geopolitical risk, policy-driven export controls and tariff exposure that cannot be hedged through scale or innovation alone.

Samsung reported $55.3 billion (79.1 trillion won) in revenue and $4.7 billion (6.7 trillion won) in operating profit in the first quarter, both above expectations on the back of strong sales of the company’s flagship Galaxy smartphones and high-value-added products.