Samsung sees profits jump by over 900 percent: Good days re-arrive?

Samsung today disclosed its preliminary earnings results for the first quarter of 2024. Samsung’s press release reveals that sales and operating profit increased by 11.37% and 931.25%, respectively, as compared to the first quarter of last year.

Based on the connection standard, the company scored sales of 71 trillion won and operating profit of 6.6 trillion won ($4.9bn). In particular, sales and operating profit increased by 4.75% and 134.04%, respectively, when compared to the last quarter (4Q23).

Samsung earnings guidance for 1Q24:

  • Consolidated Sales: Approximately 71 trillion Korean won
  • Consolidated Operating Profit: Approximately 6.6 trillion Korean won

The South Korean tech giant is recovering from the global economic slump. At the same time, the unprecedented boom in the AI products market pushed the brand to hit such massive profit jump. The market will likely expand further, bringing a significant boost to key manufacturers.

As far as the mobile department is concerned, the Galaxy S24’s debut unquestionably helped Samsung. The new lineup is the first to equip artificial intelligence, resulting in, heavy demand. The market impact of the S24 series will be better seen in Samsung’s Q2 earnings guidance.

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