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

Economic TimesEconomic Times · 6m
Samsung reports a 10-fold increase in profit as AI drives rebound in memory chip markets

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.

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