Official announcements from Samsung

Samsung Reports 15-Fold Surge in Q2 Profit to 10.4 Trillion Won Driven by AI Demand

Jul 5, 2024, 12:01 AM

Samsung Electronics has reported a significant surge in its second-quarter profit, driven by a recovery in memory chip demand and accelerated AI development. The company flagged a 15-fold increase in operating profit, reaching 10.4 trillion won ($7.5 billion), which surpasses Bloomberg's consensus estimate of $5.2 billion. Samsung's second-quarter sales also exceeded expectations, totaling 74 trillion won against an estimated 73.05 trillion won. This marks the highest profit growth for Samsung since 2022, reflecting the impact of rising chip prices and the global AI boom. Its share price increased by 1.4% as soon as the stock market opened.