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Samsung Reports 15-Fold Surge in Q2 Profit to 10.4 Trillion Won, Up 1,452%, Driven by AI Demand

Jul 5, 2024, 01:16 AM

Samsung Electronics has reported a significant surge in its second-quarter profits, driven by the booming demand for artificial intelligence (AI) chips. The company estimates its Q2 operating profit to have increased more than 15-fold, reaching 10.4 trillion won ($7.5 billion), far exceeding market expectations of 8.34 trillion won. This marks the highest profit since 2022, propelled by a recovery in memory chip prices and robust AI demand. Samsung's second-quarter sales also surpassed estimates, totaling 74.00 trillion won against the forecasted 73.05 trillion won. The company's share price rose by 1.4% following the announcement. Revenue increased 23% year-over-year, and the operating profit was up 1,452%. Full results with divisional breakdowns are expected to be reported on July 31.