Samsung Q2 Operating Profit Soars 1,458%, Net Income Grows Fastest Since 2010

Jul 31, 2024, 12:17 AM

Samsung Electronics reported a significant increase in its second-quarter operating profit, driven by rising semiconductor prices and strong demand for advanced memory chips essential for AI computing. The company posted a 1,458% year-over-year increase in operating profit, reaching 10.44 trillion won ($7.52 billion), compared to 670 billion won a year ago. Samsung's Q2 revenue was 74.07 trillion won ($53.45 billion), up 23.42% year-over-year. The chip division's operating profit was 6.45 trillion won, surpassing estimates of 5.06 trillion won. The company's net income for the quarter was 9.64 trillion won, exceeding the estimated 7.97 trillion won. This marks Samsung's fastest pace of net income growth since 2010, largely attributed to the AI boom. The operating profit rose more than 15-fold.