Samsung Electronics, the South Korean tech juggernaut and the flagship arm of Samsung Group, South Korea’s leading family-run conglomerate, ...
Samsung Electronics, the South Korean tech juggernaut and the flagship arm of Samsung Group, South Korea’s leading family-run conglomerate, has unveiled a remarkable surge in its first-quarter operating profit, marking a nearly tenfold increase. The boost comes in the wake of a robust recovery in its vital memory chip sector.
Operating profit soared to a staggering 6.61 trillion won ($4.85 billion) in the initial three months of 2024, propelled by robust sales of its flagship Galaxy S24 smartphone and elevated prices of memory semiconductors.
The company's overall revenue ascended to 71.9 trillion won ($52 billion), witnessing an impressive surge of nearly 13 percent. Samsung attributed part of this growth to the weakened value of the won against the dollar, which contributed approximately 0.3 trillion won to its earnings.
In a statement, Samsung expressed optimism for the latter half of 2024, anticipating favorable business conditions driven primarily by robust demand, particularly in generative AI, despite ongoing macroeconomic and geopolitical uncertainties.
Following the announcement of these stellar financial outcomes, Samsung shares surged by 1.6 percent during morning trading, outpacing the 0.5 percent rise in South Korea’s benchmark index.
Samsung's robust performance stands in stark contrast to the previous downturn in memory chip sales, which had been impacted by a sluggish global economy. Semiconductors, being pivotal components of modern technology, hold significant importance across various industries, spanning from household appliances and mobile devices to automobiles and defense systems.
