The world’s largest maker of memory chips and televisions estimated its operating profit rose to $4.89 billion in the quarter.
Samsung’s first-quarter earnings will rise more than 10-fold, beating market expectations, as chip prices begin to recover from a major slump thanks to the artificial intelligence boom. Reuters writes about it.
It noted that the world’s largest maker of memory chips and televisions estimated an increase in its operating profit to $4.89 billion in the quarter. This is a 931% increase from a year earlier and will be Samsung’s highest operating profit since the third quarter of 2022.
However, revenue fell short of expectations as it rose 11% year-on-year to 71 trillion won, below the LSEG SmartEstimate mark of 72.3 trillion won.
“Since revenue is largely flat and operating profit beat expectations, NAND flash chip inventory estimates may improve. Demand for NAND has improved, which may also improve margins,” said Park Soon, an analyst in Korea Investor Relations Service.
We remind you that Samsung is investing $230 billion in chip production in South Korea.
It has also been reported that Apple has overtaken Samsung in the smartphone market for the first time.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.