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Samsung confirms the exceptional increase in its profit: +932.8%!

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The year 2023 was not very good for Samsung which, due to the drop in demand for electronic products, had catastrophic financial results. Indeed, if the Korean giant is best known for its smartphones and other products for the general public, it also depends enormously on revenues from its sales of memory chips, demand for which had collapsed.

But the situation is now improving, thanks to good results on smartphones, and thanks to a recovery in demand for chips. In the first quarter, Samsung generated revenue of 71.92 trillion Korean won, the equivalent of approximately $52 billion. This corresponds to an increase of 12.81% year-on-year. And operating profit was 6.61 trillion Korean won, equivalent to $4.7 billion. Compared to the profit of the first quarter of 2023, this is up 932.8%.

Artificial intelligence boom

Samsung's semiconductor arm is benefiting from the artificial intelligence boom, which is pushing companies to buy new components to run AIs in the cloud. “Overall demand was strong and prices continued to rise with strong demand for DDR5 and storage for generative AI”, can we read in a document published by Samsung.

Moreover, while Samsung's semiconductors were generating losses, a year ago, these allowed the manufacturer to make profits of 1.91 trillion Korean won (approximately 1 .3 billion dollars). For the second quarter of 2024, Samsung expects an increase in demand for products used in artificial intelligence and for servers. And for the whole of 2024, the manufacturer also expects to benefit from strong demand for PCs and smartphones, thanks to new AI-based features.

< p>As a reminder, Samsung had already published preliminary results, citing this sharp increase in its profit in the first quarter. But this has now been confirmed, and Samsung also provides more details, which show a clear improvement in semiconductor sales.

  • Samsung has just presented its results for the first quarter of 2024
  • Year-on-year, the manufacturer increased its profit by 932.8%
  • Demand is increasing for semiconductors, which is one of Samsung's main businesses

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Teilor Stone

By Teilor Stone

Teilor Stone has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining Thesaxon , Teilor Stone worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teilor@nizhtimes.com 1-800-268-7116