Samsung Electronics (KRX:005930) reported a near-tenfold increase in profit over the first quarter thanks to a rebound in demand after the post-pandemic slump for technology.
Operating profit jumped 933% to 6.61 trillion Korean won over the three months to March, the company reported.
This came as revenue increased by just under 13% to 71.92 trillion Korean won (roughly US$52.3 billion), with both figures beating market expectations.
“Strong sales of flagship Galaxy S24 smartphones and higher prices for memory semiconductors” fueled revenue, Samsung said.
“Operating profit increased [...] as the memory business returned to profit by addressing demand for high value-added products,” the company added.
Samsung said the expansion of artificial intelligence (AI) onto devices should encourage demand over the rest of the year, including for memory chips.
These include the HBM3E 12H, for which mass production is expected to start in the second quarter.
“Stabilising consumer sentiment, the expansion of AI products and services, and economic growth in emerging markets” should all also help later in the year, Samsung said.