Samsung reported its estimated first quarter 2024 performance with sales expected to reach approximately 71 trillion won and operating profit around 6.6 trillion won. This resulted in a respective 11% and 931% increase in revenue and profit compared to the same quarter in the previous year.
These figures are preliminary estimates, with Samsung set to report detailed financial results at the end of the month. Analysts predict that the significant increase in both revenue and profit, particularly the exceptional profit growth, is likely driven by the recovery of the chip unit business. This can be seen from the substantial price increase of DRAM and NAND Flash chips in the market, which have risen by over 20%. Samsung is poised to benefit from this price surge.
Source: Reuters
TLDR: Samsung’s projected earnings for the first quarter of 2024 show a notable increase in sales and profit, driven by the recovery of the chip unit business and the rising prices of DRAM and NAND Flash chips in the market.
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