Samsung sees profits jump by more than 900%
By Mariko Oi
Samsung Electronics says it expects its profits for the first three months of 2024 to jump by more than 10-fold compared to a year earlier.
It comes as prices of chips have recovered from a post-pandemic slump and demand for artificial intelligence (AI) related products booms.
South Korea-based Samsung is the world’s largest maker of memory chips, smartphones and televisions.
The company is scheduled to release a detailed financial report on 30 April.
The technology giant estimated that its operating profit rose to 6.6 trillion won ($4.9bn; £3.9bn) in the January-March quarter, 931% higher than the same period in 2023. That beat analysts’ expectations of around 5.7 trillion won.
Its earnings are expected to be boosted by a rebound in semiconductor prices on the global market after a severe downturn a year earlier.
Global memory chip prices are estimated to have risen by around a fifth in the last year.
Samsung’s semiconductor division is usually the biggest revenue earner for the firm.
