Samsung gets back on track with tenfold increase in profit for Q1 2024

Samsung posted its detailed financial results today for the first quarter of 2024, and it's really positive. The Korean giant reported an operating profit of KRW6.61 trillion ($4.85 billion), which is a tenfold increase over the same period last year.

A major reason why profit is back to 2022 levels are the strong sales of flagship Galaxy S24 phones and higher prices for memory semiconductors, the report states. Overall revenue also rose 13%.

Expectations for the second quarter are that smartphone sales will slightly decline. The memory business should stay strong thanks to the generative AI demands.

Source