During the quarter, Samsung took in 71.92 trillion Korean won ($52.3 billion) in revenue, 12.81% more than revenue it generated during the 2023 first quarter. It also topped estimates of 71.04 trillion Korean won. The operating profits came to 6.61 trillion Korean won ($4.8 billion) topping estimates of 5.94 trillion Korean won. Net profit rose 9.4% to 6.75 trillion Korean won ($4.9 billion). Earnings per share for Q1 rose to 975 Korean won per share (.71 US) from 206 the year before.
Samsung reports a strong turnaround during the first quarter of 2024
Samsung Display had a rough first quarter due to weak seasonality and tough competition. Samsung expects moderate growth for its Display unit thanks to the rising OLED penetration rate. The company hopes to keep this rate growing by continuing to reduce the costs of producing OLED screens. Continuing to lower the production cost of OLED panels could help OLED take the place of more LCD screens in the rigid display smartphone market.
Samsung Foundry reduced its losses during Q1 and its order backlog reached a record during Q1. It hopes to complete the development of its 2nm process node this year while mass-producing chips using its second-generation 3nm node later this year. Samsung’s semiconductor unit will join everyone on this planet and recognize AI as a major growth opportunity this year.
The unit that produces smartphones saw sales rise 5% to 33.53 trillion Korean won ($24.4 billion) while profits declined 44% on an annual basis to 3.51 trillion Korean won ($2.5 billion). The company’s memory chip business went from a 4.58 trillion won loss in Q1 last year and a 2.18 trillion Korean won loss during last year’s Q4 to return to profitability with a profit of 1.91 trillion won ($1.4 billion) during the first quarter of this year.
In a statement made on Tuesday, Samsung said, “The company posted KRW 71.92 trillion in consolidated revenue on the back of strong sales of flagship Galaxy S24 smartphones and higher prices for memory semiconductors. Operating profit increased to KRW 6.61 trillion as the Memory Business returned to profit by addressing demand for high value-added products.”
The strong first quarter report led the stock to rise 1,200 Korean won on Tuesday, or 1.56% to 77,900 Korean won ($56.56).
👇Follow more 👇
👉 bdphone.com
👉 ultraactivation.com
👉 trainingreferral.com
👉 shaplafood.com
👉 bangladeshi.help
👉 www.forexdhaka.com
👉 uncommunication.com
👉 ultra-sim.com
👉 forexdhaka.com
👉 ultrafxfund.com