CHART: Samsung Posts a 10x Profit Surge in Q1 2024 on Chip Recovery
This stellar performance is fueled by a strong comeback in its chip business.
- Operating profit skyrocketed nearly 10x year-over-year in Q1 to 6.61 trillion won ($4.8 billion).
- Revenue climbed 12.8% to 71.92 trillion won ($52.2 billion), marking the second-highest Q1 in Samsung's history.
- The device solutions (DS) division, encompassing memory chips, saw a dramatic turnaround of 1.9 trillion won profit.
Samsung Electronics, the world's largest maker of smartphones and memory chips defied expectations with an impressive Q1, reporting a nearly tenfold jump in operating profit year-over-year. This stellar performance is fueled by a strong comeback in its chip business.
The turnaround leader was Samsung's device solutions division (DS), encompassing memory chips, system LSI, and foundry operations. Coming after a rough Q1 2023 with 4.6 trillion won in operating losses, Samsung's device solutions division swung to a massive 1.9 trillion won ($1.4 billion) profit in Q1 2024. The division's revenue surged 68% to 23.1 trillion won during the same period.
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Emmanuel Oyedeji
