Samsung's Q2 2024 earnings report

Samsung Q1 Profits Soar Nearly Tenfold, Driven by AI and Chip Sales

Apr 30, 2024, 02:11 AM

Samsung Electronics reported a significant increase in its first quarter operating profit, which soared nearly tenfold, driven by a rebound in memory chip prices and strong demand for AI technology. The company's revenue also rose by 12.81% year-over-year to approximately $52.3 billion, surpassing estimates. The substantial profit increase, which was 932.8% higher than the previous year, amounted to around $4.8 billion, beating expectations. Samsung attributes this growth to nearly doubled memory chip sales compared to last year and anticipates continued strong demand for AI, which is expected to further boost sales in the second half of the year.