Samsung's Q1 Profits Soar 10-Fold Amid AI Chip Market Boom

May 2, 2024
Samsung's Q1 Profits Soar 10-Fold Amid AI Chip Market Boom
  • Samsung Electronics Co reported a substantial increase in Q1 operating profit, reaching 6.6 trillion won compared to 640 billion won the previous year.

  • Revenue also increased by 12.8 percent to 71.9 trillion won.

  • The semiconductor division recorded its first quarterly profit since 2022, with a 1.91 trillion won operating profit.

  • Samsung attributes the strong performance to the growth of artificial intelligence technologies and the recovery of the chip market.

  • Plans are underway to incorporate advanced AI features into the upcoming Galaxy S24 smartphones to drive sales.

  • The company expects the memory chip market to remain robust due to rising demand for AI capabilities.

  • Samsung secured up to $6.4 billion in funding from the Biden administration to build semiconductor factories in Texas.

  • Investments in cutting-edge 3nm and 2nm chip production technologies are in progress, targeting the production of 2nm chips by 2025 to support the growing AI industry.

Summary based on 13 sources

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