Seoul, South Korea – Samsung Electronics, the world’s largest memory chip maker, reported a staggering 932.8% jump in operating profit for the first quarter ending March. The company’s strong performance was driven by rebounding memory chip prices and robust sales of its flagship Galaxy S24 smartphones.
Samsung’s revenue for the quarter reached 71.92 trillion Korean won (approximately $52.3 billion), while operating profit soared to 6.61 trillion Korean won, surpassing market expectations. The impressive results come after the company experienced record losses in 2023 due to a post-Covid slump in demand.
Analysts at Citi have expressed optimism about Samsung’s prospects, particularly in the NAND flash memory business, as demand for AI computing continues to grow. The company is expected to benefit from the increasing need for high-capacity, fast memory chips to support complex AI models and large datasets.
Looking ahead, Samsung anticipates continued growth in the second half of the year, fueled by the expansion of generative AI and the popularity of its AI-enhanced Galaxy products.