Samsung Electronics Sees 15-Fold Increase in Operating Profit in Q2 2024
Samsung Electronics Co., the South Korean semiconductor and smartphone giant, reported a 15-fold increase in its operating profit for the second quarter of 2024, jumping from 670 billion won in Q2 2023 to 10.4 trillion won, equivalent to $7.5 billion.
This significant growth is primarily attributed to high demand for memory chips, driven by the expansion of artificial intelligence.
Furthermore, Samsung's consolidated revenue saw an increase of around 23%, reaching 74 trillion won, equivalent to $53 billion. This growth is attributed to favorable market conditions that allowed for higher average selling prices, as well as robust sales of organic light-emitting diode (OLED) panels, contributing to solid financial results.
In the second half of 2024, Samsung anticipates that artificial intelligence servers will occupy a growing share of the market, as major cloud service providers and companies intensify their investments in this area.
