Samsung's Net Profit Quadruples as Chip Business Rebounds
By Kwanwoo Jun
Samsung Electronics said its net profit more than quadrupled in the first quarter as its flagship semiconductor business returned to profit thanks to a rebound in memory-chip prices.
The upbeat earnings from the global manufacturer of memory chips, smartphones, televisions and home appliances offer the latest sign that the technology industry is pulling itself out of a prolonged slump.
Net profit rose to 6.755 trillion won ($4.91 billion), compared with KRW1.575 trillion a year earlier, the company said Tuesday. That beat a FactSet-compiled consensus estimate of KRW5.345 trillion.
Revenue for the quarter rose 13% to KRW71.916 trillion and operating profit increased 10-fold to KRW6.606 trillion, largely in line with the company's preliminary estimates.
The company's chip-making business posted KRW1.910 trillion in operating profit for the quarter, after four straight quarters of losses, thanks to rising prices and brisk demand for powerful computing chips amid the artificial-intelligence boom.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
April 29, 2024 20:34 ET (00:34 GMT)
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