Samsung Electronics Posts A Whopping 931.9% Profit Jump In Q1

Benzinga Neuro

April 29, 2024

Samsung Electronics Co., Ltd. (OTC:SSNLF) has announced a nearly tenfold surge in its first-quarter operating profit. The significant increase is primarily attributed to a strong recovery in the company’s chip business.

What Happened: Samsung Electronics’ semiconductor division registered an operating profit of 1.9 trillion won ($1.3 billion) in the first quarter, bouncing back after five consecutive quarters of losses, reported Korea JoongAng Daily.

The tech giant disclosed on Tuesday that its operating profit for the first quarter stood at 6.6 trillion won, a staggering 931.9% increase compared to the same period last year. The company’s revenue for the quarter was 71.9 trillion won, marking a 12.8% year-on-year rise.

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The Device Solutions (DS) division, which oversees the chip business, reported a revenue of 23.1 trillion won, a significant 68% increase from the previous year. The division’s profit shifted from a loss of 4.6 trillion won a year ago to a profit of 1.91 trillion won in Q1.

“Samsung Electronics was able to realize qualitative growth and turn to profit for the memory chip business on the back of handling demands for value-added products such as HBM, DDR5, SSD for server and UFS4.0,” the company said in a statement.

On the other hand, the Mobile Experience (MX) division, responsible for the smartphone business, experienced a slight 0.4% year-on-year drop in profit, recording 3.51 trillion won.

Why It Matters: Samsung’s impressive first-quarter performance, particularly in the semiconductor business, signifies a strong recovery from a period of consecutive losses. The company’s ability to meet the demand for value-added products has played a crucial role in this turnaround. However, the slight dip in the profit of the MX division indicates the challenges the company faces in the highly competitive smartphone market.

Price Action: Samsung Electronics rose 1.43% to 77,800 KRW at 10:53 a.m. Korean time in the local market.

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