A worker waters a flower bed next to the logo of Samsung Electronics during a media tour at Samsung Electronics' headquarters in Suwon, South Korea, on Jun 13, 2023. SEOUL: Samsung Electronics estimated on Friday its first-quarter operating profit would rise more than 10-fold, topping market expectations, as chip prices have started to rebound from a severe downturn thanks to a boom in artificial intelligence.
That was up 931 per cent from 640 billion won a year earlier and would be Samsung's highest operating profit since the third quarter of 2022. "Initial response to new Galaxy S24 smartphones was also positive due to on-device AI, so if greater-than-expected portion of the high-margin premium smartphones were sold, it would have an impact."The better performance came as its chip division, traditionally its biggest earner, is expected to report its first quarterly profit in five quarters as memory chip prices bounce back from a deep trough that began in mid-2022 due to weak post-pandemic demand for gadgets.
But it has underperformed its cross-town rival SK Hynix, whose shares surged 122 per cent during the same period, in the booming HBM market, partly due to its relatively late entry into the segment. In its mobile business, Samsung likely reported a solid profit after launching sales of its new flagship Galaxy S24 smartphones in late January, analysts said.
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