Samsung Q1 Profits Soar Tenfold, Driven by AI and Chip Demand Surge

Apr 30, 2024, 06:50 AM

Samsung Electronics reported a significant increase in its financial performance for the first quarter, with a net profit of 6.62 trillion won, surpassing estimates of 5.63 trillion won. The company's operating profit soared nearly tenfold, up 932.8% year-over-year to approximately $4.8 billion, driven by a rebound in memory chip prices and strong demand for AI technologies. Revenue also increased by 12.81% year-over-year to about $52.3 billion. The surge in profits and revenue is attributed to the proliferation of AI technologies, which have boosted the markets for computer memory chips. Samsung expects this demand to continue in the second half of the year, further driving sales of memory chips and tech devices.