Samsung reports first quarter results that represent a huge turnaround from last year’s first quarter.
Earlier this month, we told you that Samsung was about to report its largest quarterly profit in a year and a half. On Tuesday (in South Korea), the company reported a spectacular 932.8% jump in operating profit for the first quarter year-over-year. While you might know of Samsung because of its Galaxy handsets, the company is the world’s largest maker of memory chips and thanks to AI, Samsung’s memory chip business is booming.
During the quarter, Samsung took in 71.92 trillion Korean won ($52.3 billion) in revenue, 12.81% more than revenue it generated during the 2023 first quarter. It also topped estimates of 71.04 trillion Korean won. The operating profits came to 6.61 trillion Korean won ($4.8 billion) topping estimates of 5.94 trillion Korean won. Net profit rose 9.4% to 6.75 trillion Korean won ($4.9 billion). Earnings per share for Q1 rose to 975 Korean won per share (.71 US) from 206 the year before.
Samsung reports a strong turnaround during the first quarter of 2024
It’s quite a turnaround for Samsung following record-setting losses last year which were blamed on a drop in demand during the post-Covid period.
