(qlmbusinessnews.com Mon. 8th April, 2024) London, UK —
“Tech Giant Samsung Sees 10-Fold Profit Jump in Q1 2024 Amid Chip Price Rebound”
Samsung, the South Korean tech giant, anticipates a significant surge in profits for the first quarter of 2024, projecting a remarkable increase of over 900% compared to the same period last year. The surge comes amidst a resurgence in chip prices following a pandemic-induced decline and soaring demand for AI-related products.
As the world's leading producer of memory chips, smartphones, and televisions, Samsung is poised to release its comprehensive financial report on April 30th. Preliminary estimates suggest that the company's operating profit soared to 6.6 trillion won ($4.9bn; £3.9bn) in the January-March quarter, marking a staggering 931% rise from the corresponding period in 2023, surpassing analysts' projections.
The resurgence in semiconductor prices on the global market, witnessing a nearly 20% increase over the past year, is expected to significantly contribute to Samsung's earnings. With its semiconductor division traditionally serving as the primary revenue generator, the firm stands to benefit from the continued strong demand for chips, particularly driven by the burgeoning AI industry.
Furthermore, the recent earthquake in Taiwan, a hub for major chip manufacturers including TSMC, may further tighten the global chip supply, potentially enabling Samsung to leverage higher prices. While TSMC reported minimal disruption to its operations following the earthquake, the incident has raised concerns about potential supply chain disruptions.
Moreover, Samsung is anticipated to receive a considerable boost from the sales of its latest flagship smartphones, the Galaxy S24 series, launched in January. The combination of robust chip demand and successful smartphone sales positions Samsung for continued financial success in the coming quarters.
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