Samsung Electronics Posts A Whopping 931.9% Profit Jump In Q1

Benzinga Neuro

April 29, 2024

Samsung Electronics Co., Ltd. (OTC:SSNLF) has announced a nearly tenfold surge in its first-quarter operating profit. The significant increase is primarily attributed to a strong recovery in the company’s chip business.

What Happened: Samsung Electronics’ semiconductor division registered an operating profit of 1.9 trillion won ($1.3 billion) in the first quarter, bouncing back after five consecutive quarters of losses, reported Korea JoongAng Daily.

The tech giant disclosed on Tuesday that its operating profit for the first quarter stood at 6.6 trillion won, a staggering 931.9% increase compared to the same period last year. The company’s revenue for the quarter was 71.9 trillion won, marking a 12.8% year-on-year rise.

See Also: Trump Vs Biden: New Poll Reveals Shift In 2024 Race As Public Divided On Presidents’ Legacies

The Device Solutions (DS) division, which oversees the chip business, reported a revenue of 23.1 trillion won, a significant 68% increase from the previous year. The division’s profit shifted from a loss of 4.6 trillion won a year ago to a profit of 1.91 trillion won in Q1.

“Samsung Electronics was able to realize qualitative growth and turn to profit for the memory chip business on the back of handling demands for value-added products such as HBM, DDR5, SSD for server and UFS4.0,” the company said in a statement.

On the other hand, the Mobile Experience (MX) division, responsible for the smartphone business, experienced a slight 0.4% year-on-year drop in profit, recording 3.51 trillion won.

Why It Matters: Samsung’s impressive first-quarter performance, particularly in the semiconductor business, signifies a strong recovery from a period of consecutive losses. The company’s ability to meet the demand for value-added products has played a crucial role in this turnaround. However, the slight dip in the profit of the MX division indicates the challenges the company faces in the highly competitive smartphone market.

Price Action: Samsung Electronics rose 1.43% to 77,800 KRW at 10:53 a.m. Korean time in the local market.

Read Next: Amid Latest Indictments, Former Trump Aide Slams Ex-President Over Treatment Of ‘Bodies Around Him’: ‘He Takes Out Everybody Who Is Loyal To Him’

Engineered by Benzinga Neuro, Edited by Jae Hur

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Recommended

Shhh! This Is One Great Coin... - Ad

Breaking News: Elon Musk Invents New Type of A.I. - Ad

Mystery of the Rich and Connected Revealed - Ad

Asian shares were mostly higher on Thursday after U.S. stocks rallied to records on hopes that back in the right direction.

Mohamed El-Erian Says Bond And Equity Prices Getting A Boost After Softer-Than-Expected Headline CPI Numbers And Fueling 'Hopes For An Earlier Interest Rate Cut'

Mohamed El-Erian, the Chief Economic Advisor at Allianz, suggested that the latest inflation data could prompt the U.S. Federal Reserve to consider an earlier interest rate cut, potentially boosting bond and equity prices.

Market Warning: Don't Buy This...

Market Warning: Don't Buy This... - Ad

Today's "bizzarro" market has one 50-year Wall Street veteran concerned. He believes most investors are about to make this huge mistake.

Deere Q2 results top Street but it cuts 2024 profit outlook again as farmers buy fewer tractors

Deere's fiscal second-quarter results beat Wall Street's expectations, but the company lowered its full-year profit forecast for a second time as farmers buy fewer tractors and other equipment as they deal with declining prices for their crops.

Samsung's 'UnCrush' Ad Mocking Apple Invites Barrage Of Criticism Online: 'You Think This Will Make People Switch?'

Samsung's new "UnCrush" ad, designed to counter Apple's controversial "Crush" ad, has faced criticism for missing the concerns about AI's impact on creativity, similar to the backlash against Apple's original campaign.

Earn Instant Cash Flow (using THIS tactic)

Earn Instant Cash Flow (using THIS tactic) - Ad

Can you imagine earning $1,118,721/hr? That's what greedy Wall Street elites have been pocketing for 22 straight years. And now it's available to you.

Elon Musk Gives One-Word Response To Joe Biden's Dig At Donald Trump At White House Correspondents' Dinner

Elon Musk reacted to President Joe Biden's recent comments at the White House correspondents' dinner with a one-word response that sparked some discussion on social media.

One Tech Tip: Protecting your car from the growing risk of keyless vehicle thefts

LONDON (AP) — They appear like ghosts in the night, standing outside your house, one holding up an antenna while the other crouches next to the car parked on the driveway. Within seconds, your car is gone, yet another victim amid enabled by the technology designed to make it easier to unlock and start vehicles.

Federal Gov't Adopts Radical New Tech -- Forecast Growth 24,290%

Federal Gov't Adopts Radical New Tech -- Forecast Growth 24,290% - Ad

The Federal Reserve, White House and US Treasury are in the middle of a nationwide technology rollout. 41 American banks are already involved. But that number could soon snowball by 24,290%. Here's three ways to capitalize on this wave of adoption.

Biden Vs. Trump Contest Could Be Lost Cause For One Candidate If History Were Anything To Go By, According To Pollster

The 2024 election is viewed as closely contested at this stage, with no clear lead emerging, but historical trends suggest a likely winner.

Elon Musk Fired Supercharger Chief Rebecca Tinucci And Her Entire Team After She Refused To Lay Off More Workers Than Planned: Report

This abrupt exit has caused disruption in a network that was considered a significant Tesla achievement and a key driver of its EV sales.

Prescient CEO Makes Shocking New Prediction

Prescient CEO Makes Shocking New Prediction - Ad

Known for his eerily accurate market calls over the years, this CEO has just revealed his newest prediction about "America's New Money." Get the details before it's taken offline.

United Airlines says it has regained some privileges that were suspended after problem flights

CHICAGO (AP) — United Airlines says federal regulators are letting it resume adding new routes and planes after a series of incidents, including an engine fire and a tire falling off a plane after takeoff, led them to to make those moves.

What's Going On With ChargePoint Holdings Stock Today?

ChargePoint announced its support for the Megawatt Charging System (MCS), the latest addition to ChargePoint's leading DC fast charging lineup. The company said the system is expected to be capable of providing enough energy to power approximately 1,000 homes.

Nvidia's Secret Partner... This Is the New AI Chip Powerhouse

Nvidia's Secret Partner... This Is the New AI Chip Powerhouse - Ad

One unknown AI startup could match or even exceed AI's biggest runs in the coming years. Why? Because its technology solves the biggest problem holding back AI. It's a critical component that the industry can't advance without. This company just went public, so right now, it's under the radar.

CEO of Brazilâ€™s oil and gas giant Petrobras steps down following dustup over dividends

RIO DE JANEIRO (AP) — The head of Brazil’s state-controlled oil and gas giant Petrobras has stepped down, the company said in a prepared statement Wednesday, following months of tensions with the federal government.

Now armed with AI, America's adversaries will try to influence election, security officials warn

WASHINGTON (AP) — America's foreign adversaries will again seek to influence the upcoming U.S. elections, top security officials warned members of the Senate Wednesday, harnessing the latest innovations in artificial intelligence to spread online disinformation, mislead voters and undermine trust in democracy.

Central Banks Buying Gold in Record Numbers

Central Banks Buying Gold in Record Numbers - Ad

Most folks have completely missed the fact that the world's Central Banks have been quietly gobbling up as much gold as they can... Stacking it in their locked vaults on pallets in record numbers. Find out why right here (and see what you can do to get in too with just a few dollars).

Nvidia, MicroStrategy, Cisco, Chubb, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Major U.S. indices surged on Wednesday, with the Dow Jones Industrial Average climbing 0.9% to 39,908, the S&P 500 increasing almost 1.2% to 5,308.15, and the Nasdaq rising 1.4% to 16,742.39. These are the top stocks that gained the attention of retail traders and investors throughout the day:

Trump Meets With DeSantis, Noem Stirs Up Controversy: How Will Republican Vice President Betting Odds Be Impacted?

The relationship between Donald Trump and Ron DeSantis was heated at times during the Republican primary season, before the Florida governor dropped out of the 2024 presidential election and threw his support behind the

The Mysterious Tale of "America's No. 1 Retirement Stock"

The Mysterious Tale of "America's No. 1 Retirement Stock" - Ad

This factory of 53,000 employees, in Burbank, CA, was camouflaged to look like a sleepy suburb (with the help of artists, set designers, and painters from nearby Hollywood movie studios). The mysterious company behind this disappearing act is now being called "America's No. 1 Retirement Stock".

Ex-DOJ Attorney Says Former Trump Aide's Testimony Sinks Ex-President's Criminal Defense: 'Big Fat Nail In The Coffin'

Trump's hush-money case has turned decidedly against him following Hope Hicks' testimony, says a legal expert.

Buffett Says No Other Americans Would Have Had To Pay Even A Dime In Federal Taxes If This Had Happened

Warren Buffett suggests that federal taxes will likely increase given the country's precarious fiscal position, and he expressed Berkshire's willingness to cover the tax bill it faces.

Buy This A.I. Stock Before Elon's "A.I. Day" on May 16

Buy This A.I. Stock Before Elon's "A.I. Day" on May 16 - Ad

Luke Lango is now recommending this little-known A.I. stock because it could supply Elon Musk with a critical piece of infrastructure for his new A.I. venture, something Luke is calling "Elon's A.I. 2.0". Once Elon reveals it on May 16, you may have missed the biggest gains.

Elon Musk Shares Who He'd Want To Spend His Last Moments With In Response To Warren Buffett's Advice

Over the weekend, Elon Musk agreed with a sentiment shared by investment titan Warren Buffett about the importance of spending time with loved ones, despite their contrasting investment philosophies.

'AI Is Important...For The Way We Deter Wars,' Says Anduril Founder After Winning US Air Force Contract To Develop Autonomous Fighter Jets

This comes amid a potential surge in defense spending by Western nations to counter Russia and China's growing military power.

Elon's New A.I. Device is About to Shock the World

Elon's New A.I. Device is About to Shock the World - Ad

Using this device you see... Elon Musk just tested a new type of A.I. that according to Wired Magazine will usher in... "The next step in human evolution."

Elon Musk Issues Stark Warning Amid Rising National Debt: '...The Dollar Will Be Worth Nothing'

Elon Musk has voiced concerns about the future stability of the U.S. dollar, highlighting the escalating national debt as a potential catalyst for a looming economic crisis.

Donald Trump Says He's Not Concerned About His Legal Challenges: 'In A Way, I Don't Care ... Life Is Life'

In a recent private donor event in Florida, former President Donald Trump appeared unfazed by his ongoing legal issues.

READ THIS If You Missed Out on the AI Boom

READ THIS If You Missed Out on the AI Boom - Ad

Radical new biotechnology predicted to grow 320,000% in 3 years. Nvidia's CEO calls it "the next amazing revolution." And one small company poised to dominate this revolution trades for just $10.

Argentina reports its first single-digit inflation in 6 months as markets swoon and costs hit home

BUENOS AIRES, Argentina (AP) — Argentina’s monthly inflation rate eased sharply to a single-digit rate in April for the first time in half a year, data released Tuesday showed, a closely watched indicator that bolsters President Javier Milei’s severe austerity program aimed at fixing the country’s troubled economy.

Federal Judge Indefinitely Postpones Donald Trump's Classified Documents Trial

The trial of ex-President Donald Trump for retaining classified documents has been postponed indefinitely by a federal judge.

This Is Where the World's Richest Men Are Putting Their Money

This Is Where the World's Richest Men Are Putting Their Money - Ad

Bill Gates, Peter Thiel, Mark Zuckerberg -- they're pouring millions into something we call Imperium technology. And you can invest in this tech alongside them starting with just $10. Bill Gates called Imperium "one of the most powerful technologies of the 21st century."

Why Is Apple Stock Soaring Premarket Today?

Apple shares appear on track to reclaim the $180 level for the first time since the start of March after quarterly earnings.

Shell Exits Chinese Power Market, Eyes Gas Growth: Report

Shell reportedly exits China's power markets, focusing on bolstering profitability in natural gas and oil sectors. The move reflects a commitment to invest selectively in profitable ventures within the power sector, aligning with CEO Wael Sawan's vision.

Buy Alert: Invest in This Coin Before... [Details Inside]

Buy Alert: Invest in This Coin Before... [Details Inside] - Ad

Today, Ian issued a new "buy alert. He's calling this one "the greatest investment in history," and adds: "All my data is clear. It will be 20X bigger than bitcoin. "But you'll want to invest before the upgrade date.

Boeing threatens to lock out its private firefighters around Seattle in a dispute over pay

Boeing is threatening to lock out its private force of firefighters who protect its in the Seattle area Friday night unless the workers accept the company's last offer on wages.

Trump's Niece Says Ex-President Has Made It Clear He Wants To Be Authoritarian Upon Returning To Office: 'Once That Happens, He Will Not Be Stopped'

Trump's niece suggests that her uncle has a split personality, emphasizing that people are not paying enough attention to his negative traits.

Jeff Bezos' and Elon Musk's Feud Just Went Nuclear

Jeff Bezos' and Elon Musk's Feud Just Went Nuclear - Ad

Since Jeff Bezos and Elon Musk first met in 2004 -- they've been involved in a bitter feud... from rockets, to electric vehicles to who's the world richest person...for going on two decades these two have been at each others throats... But what happened on December 31st 2021 just took this rivalry to a new level and humiliated Elon Musk.

Ethereum 'Looking Good': Technical Analysis Shows It Will Outperform Bitcoin In The Next Days, Says Trader

Prominent crypto analyst Capo Of Crypto shared his analysis of Ethereum (CRYPTO: ETH) and the ETH/BTC pair, suggesting that Ethere

Trending Now

One Coin to Rule Them All... - Ad

OpenAI Chief Scientist That Quit Months After Participating In Coup Against Sam Altman, Likely To Join Elon Musk's xAI, Says Gene Munster: 'There's A 60% Chance'