The BBC reports that Tech giant Samsung saw its profits increase by 900% in the first three months of 2024.
The report mentions Samsung’s own announcement, expecting a tenfold increase in profits as compared to the same period last year.
The skyrocketing surge comes as the world recovers from the Covid pandemic and demand for Artificial Intelligence products booms.
Profits Dwarf Expert Expectations
The South Korean company forecasts an operating profit of 6.6 trillion won ($4.9 billion) from January to March 2024.
The stats represent a staggering 931% jump from a year earlier, surpassing analysts’ expectations of around 5.7 trillion won for the same period.
The rebound in semiconductor prices on the global market, with memory chip prices rising by about 20% over the past year, is a key driver of Samsung’s improved performance.
Samsung is also expected to benefit from robust sales of its latest flagship Galaxy S24 smartphones, launched in January.
