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Samsung reports a 10-fold increase in profit as AI drives rebound in memory chip markets

Economic TimesEconomic Times · 1y ago
Samsung reports a 10-fold increase in profit as AI drives rebound in memory chip markets
Medial

Samsung Electronics posted a tenfold increase in operating profit for the last quarter, driven by the growth of artificial intelligence technologies and a rebound in the computer memory chip markets. Operating profit reached 6.6 trillion won ($4.8 billion), up from 640 billion won ($465 million) the previous year. Revenue rose nearly 13% to 71.9 trillion won ($52 billion), fueled by higher memory chip prices and strong sales of the Galaxy S24 smartphones. Samsung also reported its first quarterly profit in the semiconductor business since Q4 2022, with operating profit reaching 1.91 trillion won ($1.38 billion). The company expects the memory chip market to remain robust due to increased demand for both conventional and advanced chips powering AI technologies.

Can Samsung get its mojo back?

LivemintLivemint · 10m ago
Can Samsung get its mojo back?
Medial

- Samsung Electronics is known for its vertical integration, with smartphones and consumer electronics accounting for half of its revenue and a quarter of its operating profit. - The company reported a 16-fold increase in operating profit in the most recent quarter, driven by growth in its chip business due to high demand from tech giants like Microsoft and Alphabet. - However, Samsung is struggling to compete in both logic chips and memory chips, losing ground to competitors like TSMC in chip foundry business and SK Hynix in high-bandwidth memory (HBM) chips. - Chinese companies are also challenging Samsung in the display market, especially in organic light-emitting diode (OLED) screens, where BOE Technologies has gained prominence. - Samsung is facing internal challenges as well, with a recent work stoppage by thousands of employees protesting over pay and conditions. - Despite these challenges, there are some positive developments for Samsung, such as its HBM3 chips being accepted by Nvidia and plans to begin mass production of cutting-edge logic chips in 2025.

Samsung Electronics apologises for disappointing profit as it struggles in AI chips

Economic TimesEconomic Times · 10m ago
Samsung Electronics apologises for disappointing profit as it struggles in AI chips
Medial

- Samsung Electronics warned of lower-than-expected third-quarter profits due to delays in its AI chip business and increased competition from Chinese chip rivals. - Samsung's operating profit for the quarter is estimated at 9.1 trillion won, falling short of market expectations. - The company's late entry into the AI chip market has increased its reliance on traditional, lower-margin chips, making it vulnerable to competition from China. - Samsung's share price fell 1.6% following the earnings guidance, adding to the more than 20% decline it has already experienced this year. - The company's contract chip manufacturing business likely continued to struggle against TSMC, losing money in the third quarter. - Samsung's mobile division saw improved earnings from solid sales of flagship smartphones, while its display unit grew with new product launches from customers like Apple. - Samsung will announce detailed earnings results later this month.

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