Official announcements from Samsung

Samsung Reports 15-Fold Surge in Q2 Profits, Driven by AI Technology, Reaching $7.5 Billion

Jul 4, 2024, 11:55 PM

Samsung Electronics has reported a significant surge in its second-quarter (Q2) profits, driven by rising memory chip prices fueled by advancements in AI technology. The company flagged a more than 15-fold increase in operating profit, reaching $7.5 billion, which surpassed Bloomberg's consensus estimate of $5.2 billion. This marks Samsung's highest profits since 2022. Following the announcement, Samsung's share price increased by 1.4% at the stock market's opening.