Samsung announced how much money it made in the first quarter of the year. The company’s profitability increased due to improvements in the semiconductor industry.
The first quarter of 2024 has officially ended. For this reason, many companies started to publish financial data for the first three months. South Korean technology giant Samsung was one of them. The company, which has not had a good period in the last few quarters, has left behind a good three months this time.
According to the statements made by Samsung, the company earned $52.52 billion from sales in the past three months. On this side, there was an increase of 11.37% compared to the same period last year. It increased by 4.75% compared to the previous quarter.
Samsung’s profits increased by 931% annually
The company also stated that it had a good month after the decrease in its profit last quarter. The company’s operating profit was announced as 4.88 billion dollars. This amount shows that the company increased its profits incredibly compared to the first quarter of last year. Profit in the first three months of 2023, the worst quarter in the company’s history, was $473 million. In other words, there is a huge increase of around 931%. When we compare it with the last quarter of 2023, we see another large increase of 134%.
The main reason why Samsung has had problems in the last few years is that the demand for memory chips has dropped significantly. However, recently the semiconductor industry has started to recover and sales have started to recover. Of course, the release of the Galaxy S24 series and the increase in sales of other products such as televisions were also very effective. As a result, the company had a good period financially and managed to achieve its best earnings since the third quarter of 2022.
The technology giant expects 2024 to be a very good year as the industry begins to recover. Estimates are that earnings could reach previous years’ levels. So we can see new records.