During the quarter, Samsung took in 71.92 trillion Korean received ($52.3 billion) in income, 12.81% greater than income it generated in the course of the 2023 first quarter. It additionally topped estimates of 71.04 trillion Korean received. The working earnings got here to six.61 trillion Korean received ($4.8 billion) topping estimates of 5.94 trillion Korean received. Net revenue rose 9.4% to six.75 trillion Korean received ($4.9 billion). Earnings per share for Q1 rose to 975 Korean received per share (.71 US) from 206 the yr earlier than.
Samsung reviews a strong turnaround in the course of the first quarter of 2024
Samsung Display had a tough first quarter resulting from weak seasonality and powerful competitors. Samsung expects average development for its Display unit because of the rising OLED penetration fee. The firm hopes to maintain this fee rising by persevering with to scale back the prices of manufacturing OLED screens. Continuing to decrease the manufacturing price of OLED panels may help OLED take the place of extra LCD screens within the inflexible show smartphone market.
Samsung Foundry diminished its losses throughout Q1 and its order backlog reached a file throughout Q1. It hopes to finish the event of its 2nm course of node this yr whereas mass-producing chips utilizing its second-generation 3nm node later this yr. Samsung’s semiconductor unit will be a part of everybody on this planet and acknowledge AI as a significant development alternative this yr.
The unit that produces smartphones noticed gross sales rise 5% to 33.53 trillion Korean received ($24.4 billion) whereas earnings declined 44% on an annual foundation to three.51 trillion Korean received ($2.5 billion). The firm’s reminiscence chip enterprise went from a 4.58 trillion received loss in Q1 final yr and a 2.18 trillion Korean received loss throughout final yr’s This autumn to return to profitability with a revenue of 1.91 trillion received ($1.4 billion) in the course of the first quarter of this yr.
In a press release made on Tuesday, Samsung mentioned, “The firm posted KRW 71.92 trillion in consolidated income on the again of strong gross sales of flagship Galaxy S24 smartphones and increased costs for reminiscence semiconductors. Operating revenue elevated to KRW 6.61 trillion because the Memory Business returned to revenue by addressing demand for top value-added merchandise.”
The strong first quarter report led the inventory to rise 1,200 Korean received on Tuesday, or 1.56% to 77,900 Korean received ($56.56).