Samsung's Q3 earnings report

Samsung Q1 Profits Soar Tenfold to $4.8B, Driven by AI and Chip Sales

Apr 30, 2024, 12:03 AM

Samsung Electronics has reported a significant surge in its first-quarter profits, primarily driven by a robust demand for AI technologies which has revitalized its chip business. The company's operating profit soared nearly tenfold year-over-year, with a reported increase from approximately $4.3 billion to $4.8 billion. This growth is attributed to a nearly double increase in memory chip sales compared to the same period last year. Revenue also rose by 12.81% year-over-year to about $52.3 billion, surpassing estimates of $51.6 billion. Samsung anticipates continued strong demand for AI, which is expected to further boost memory chip sales in the second half of the year.