April 30, 2024 – Samsung Electronics has recently released its financial results for the first quarter of 2024, revealing a remarkable surge in operating profit that skyrocketed nearly 10 times compared to the corresponding period last year. Notably, its semiconductor business has turned profitable for the first time since 2022.
According to the financial report, Samsung’s total revenue for the first quarter increased by 12.8% to 71.9 trillion Korean won. Its operating profit witnessed a staggering year-on-year growth of 931.9%, reaching 6.6 trillion Korean won, while net profit rose by 328.9% to 6.8 trillion Korean won.
Samsung attributed the robust performance of its Device Solutions (DS) division, which reported an operating profit of 1.9 trillion Korean won in the first quarter, to strong market expectations of sustained price hikes and robust overall demand for memory products. Revenue from this division surged 68% to 23.1 trillion Korean won.
The company emphasized that the qualitative growth achieved was driven by the demand for high-value products such as HBM, DDR5, server SSDs, and UFS4.0, which helped the memory business turn a profit.
Furthermore, Samsung highlighted the robust sales of its first AI-powered smartphone, the Galaxy S24 series, as a key contributor to the growth of both sales and operating profit in its MX (Mobile eXperience) division. The company claimed that the “Galaxy AI” feature integrated into the S24 had fueled sales, resulting in overall revenue growth and maintaining a stable double-digit profitability.
