Samsung profits increase by more than 900%

Samsung Electronics anticipates a staggering surge in profits for the initial quarter of 2024, exceeding a tenfold increase compared to the previous year. This robust growth aligns with the recovery of chip prices post-pandemic and the escalating demand for AI-driven products.

As the world’s leading producer of memory chips, smartphones, and televisions, Samsung, headquartered in South Korea, stands at the forefront of this financial upturn. Scheduled for release on April 30th, the comprehensive financial report will shed light on these promising developments.

Samsung is also poised to receive a significant uplift from the sales of its latest flagship smartphones, the Galaxy S24 series, which debuted in January.

Preliminary estimates reveal a remarkable leap in operating profit to 6.6 trillion won ($4.9bn; £3.9bn) for the January-March period, representing a staggering 931% surge over the corresponding period in 2023. This surpasses analysts’ projections, which hovered around 5.7 trillion won.

The resurgence in semiconductor prices on the global stage after a challenging year has significantly contributed to this financial windfall. Over the past year, global memory chip prices have ascended by approximately one-fifth, further bolstering Samsung’s semiconductor division, typically the primary revenue generator for the company.