South Korean corporation Samsung Electronics reported financial results for the first quarter of 2024. The company’s operating profit increased tenfold compared to the same period last year, from $463 million to $4.8 billion.
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“The company’s total revenue was 71.92 trillion won. [$52 млрд] against a backdrop of high sales of flagship S24 smartphones and rising prices for memory chips. Operating profit rose to 6.61 trillion won [$4,8 млрд] in the context of how business [по производству чипов] returned to profit by meeting demand for high value-added products,” the company website says.
We are talking about the Device Solutions division, responsible for the production of semiconductor components for the company’s own needs and for third-party partners. The company’s operating profit at the end of the first quarter of 2024 amounted to $1.38 billion, while a year earlier operating losses amounted to $3.3 billion.
In a conversation with CNBC, analysts said the growth potential of the memory chip business is related to demand for artificial intelligence computing.
Samsung’s total revenue in the first quarter of 2024 grew by 12.81% year-on-year. In the second quarter, the corporation expects an increase in demand for generative artificial intelligence, as well as continued stable demand for mobile devices.
Author:
Akhmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
