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Samsung Electronics reported that its first-quarter operating profit increased nearly tenfold year-on-year to 931.8% due to rising chip prices and growing demand. The company said operating profit increased to 6.61 trillion won (approximately US$4.85 billion), and sales increased 12.8% year-on-year to 71.9 trillion won.
Samsung’s success is partly due to strong sales of its flagship Galaxy S24 smartphone and rising prices for storage semiconductors. The industry is expected to remain stable in the second quarter, driven primarily by demand for generative artificial intelligence.
Samsung also benefited from the weakness of the Korean won, with net profit of 6.75 trillion won, exceeding market expectations. While the global economic slowdown has hit memory chip sales, the semiconductor market is expected to recover and grow 11.8% this year.
(Source: AFP Image source: Unsplash)
