Samsung Electronics reported a 78% jump in operating profit for the first quarter of 2024, beating analysts’ estimates, as memory chip prices rebounded and demand for high-end smartphones remained strong. The world’s biggest maker of memory chips, smartphones and TVs said operating profit rose to 13.8 trillion won ($10.7 billion) for the January-March period, up from 7.8 trillion won a year earlier. Revenue rose 21% to 77.8 trillion won. Analysts had expected a 13.3 trillion won profit on 77 trillion won in sales, according to Refinitiv SmartEstimate. Samsung’s chip profits were likely bolstered by rising memory chip prices, which have rebounded sharply in recent months after a prolonged slump. The company’s mobile business also saw strong sales of premium smartphones like the Galaxy S23 series.
Source: https://www.cnn.com/2024/04/05/tech/southkorea-samsung-profit-jump-hnk-intl/index.html