The artificial intelligence (AI) boom boosted South Korean electronics company Samsung’s profits tenfold in the first quarter. As the world’s largest maker of memory chips and televisions announced, profits rose to 6.6 trillion won ($4.8 billion) from January to March, after 640 billion won the year before.
This matches Samsung’s own estimate from earlier this month and is its highest operating profit since the third quarter of 2022. Memory chip sales nearly doubled and prices for specialty high-performance computing products rose after a sharp decline thanks to the high demand in the AI space.
“In the second half of 2024, we expect continued positive business conditions and strong demand, especially in the generative AI space, despite continued volatility related to macroeconomic trends and geopolitical issues,” Samsung said.
The memory chip division, usually the profit maker of the South Korean electronics company, reportedly made a profit of 1.91 trillion won in the last quarter, after losing 4.58 trillion won in the previous year. Sales rose 13 percent to 71.9 trillion won in the first quarter, while the memory chip market rose 96 percent to 17.49 trillion won.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
