Samsung's Q2 Operating Profit Soars 1,458% to $7.5 Billion, Net Profit Up Sixfold on AI Chip Demand

Jul 31, 2024, 01:38 AM

Samsung Electronics reported a remarkable 1,458% increase in second-quarter operating profit, driven by robust demand for advanced memory chips essential for AI computing. The company exceeded revenue and profit expectations with 74.07 trillion Korean won in revenue, a 23.42% year-over-year increase. The chip division earned 6.45 trillion won in operating profit, surpassing estimates of 5.06 trillion won. Samsung's net profit for Q2 was 9.64 trillion won, significantly higher than the estimated 7.97 trillion won. This marks the fastest pace of net income growth since 2010, largely attributed to the AI boom and rebounding semiconductor prices. Samsung's operating profit reached $7.5 billion, and net profit was up nearly sixfold.