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Samsung posts 10 times more profit in first quarter of 2024

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Samsung Electronics has just released its financial results for the first quarter of 2024, and the news is exceptionally positive. The company achieved a consolidated revenue of KRW 71.92 trillion ($66.5 billion USD), driven by robust sales of their flagship Galaxy S24 smartphones and increased prices for memory semiconductors. Notably, the operating profit surged to KRW 6.61 trillion ($4.85 billion), marking a remarkable tenfold growth compared to the same period last year.

The resurgence in profit can be attributed to several factors such as the Memory Business rebounded by addressing the demand for high-value-added products, including HBM, DDR5, server SSDs, and UFS 4.0 used in smartphones, laptops and other gadgets . Additionally, the Visual Display and Digital Appliances divisions recorded increased profitability.

Furthermore, the weakening of the Korean won against major currencies had a positive impact on the company-wide operating profit, adding approximately KRW 0.3 trillion ($277 million USD) compared to the previous quarter. Looking ahead, the second quarter is expected to remain solid, primarily driven by demand for generative AI in servers and storage. While mobile demand is predicted to be stable, PC customers may adjust their inventories ahead of new product launches in the latter half of the year

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Dennis Mathu
Dennis Mathu
I cover motoring news, gadgets, software releases, mobile apps and enterprise systems powering corporations. Contact me at [email protected] or [email protected]

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