Samsung Records 931% Increase in Operating Profit In Q1 2024

Samsung recorded an operating profit of 6.6 trillion Won (~RM 32.1 billion) in Q1 2024 which is equivalent to an increase of 931% compared to the same quarter of 2023. This sharp increase in profit is because the chip market is recovering driven by high demand for memory in the development of intelligence artificial

In addition, sales also increased by 11.4% compared to the same quarter last year. Dumping of memory chips and reduced demand for them caused Samsung to post a 95% drop in profits in Q1 last year. This quarter is also the first time in five quarters that Samsung's chip business posted a profit.

In addition, Samsung's smartphone business also recorded an increase in profits due to the good response to the Samsung Galaxy S24 series which was marketed as their first AI device.

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