Official announcements from Samsung

Samsung Projects 10.4 Trillion Won Q2 Profit, 1400% Increase Amid AI Boom

Jul 5, 2024, 04:16 AM

Samsung Electronics has projected a significant increase in its Q2 operating profit, estimating it to reach 10.4 trillion won. This marks the company's fastest pace of profit growth in years, driven by a recovery in memory chip demand as AI development accelerates globally. The anticipated profit jump exceeds 1400%, reflecting strong market performance. Samsung shares have surged to a three-year high following the better-than-expected guidance, underscoring the impact of the AI boom on data centers and demand for advanced chips. The forecast by the world's largest memory-chip maker by sales highlights the critical role of AI in boosting profits, according to BBC.