South Korean tech large stories $4.85bn revenue in the course of the first three months of 2024.
Samsung Electronics has reported an almost 10-fold soar in first-quarter working revenue amid the restoration of its key reminiscence chip enterprise.
The tech large, the flagship subsidiary of Samsung Group, South Korea’s largest family-controlled conglomerate, mentioned that working revenue rose to six.61 trillion received ($4.85bn) within the first three months of the 12 months on the again of sturdy gross sales of its flagship Galaxy S24 smartphone and better costs for reminiscence semiconductors.
General income rose to 71.9 trillion received ($52 billion), a rise of almost 13 %.
The world’s greatest reminiscence chip maker mentioned revenues had additionally been helped by the weak spot of the received towards the greenback, which boosted earnings by about 0.3 trillion received.
“Within the second half of 2024, enterprise circumstances are anticipated to stay optimistic with demand – primarily round generative AI – holding sturdy, regardless of continued volatility referring to macroeconomic developments and geopolitical points,” the corporate mentioned in a press release.
Samsung shares rose by 1.6 % in morning buying and selling, in contrast with a 0.5 % rise in South Korea’s benchmark index.
Samsung’s sturdy monetary outcomes, which got here in forward of market expectations, comply with a droop in reminiscence chip gross sales amid a slowdown within the world economic system.
Semiconductors are among the many most essential elements of the worldwide economic system.
The wafer-thin built-in circuits are important to most trendy know-how, utilized in all the things from kitchen home equipment and cell phones to vehicles and weapons.