Samsung has released its Q1 2024 performance report, revealing significant figures as follows:
Total revenue of 71.92 trillion won, marking a 13% increase compared to the same quarter last year. Operating profit stood at 6.61 trillion won, showing an impressive surge of 933%. Net profit reached 6.75 trillion won, attributed to financial investment returns.
Samsung attributes revenue growth to strong sales of the Galaxy S24 and higher-priced semiconductor products such as CMICs. Furthermore, notable net profit growth was driven by the memory business sector, which returned to profitability.
Specifically, revenue from the memory business group surged by 96% to 17.49 trillion won, emphasizing high-value products like HBM, DDR5, SSD for servers, and UFS 4.0. Server customers continue to place consistent orders following the Generative AI trend, while the PC and smartphone sectors, primarily manufacturing in China, are gradually rebounding.
The Mobile eXperience (MX) group recorded revenue of 32.79 trillion won, up by 7%. Despite lower sales volume at the beginning of the year, the robust sales of Galaxy S24 and cost structure improvements maintained profit margins at a two-digit level.
Source: Samsung
TLDR: Samsung’s Q1 2024 report showcases impressive revenue and profit growth driven by strong sales of Galaxy S24 and high-value semiconductor products, particularly in the memory business sector. Server customers continue to drive demand, while adjustments in cost structure maintain profitability in the Mobile eXperience (MX) group.
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