Samsung unveiled its first-quarter financial report for 2024, showcasing a remarkable resurgence compared to previous quarters. The South Korean tech giant has seen a staggering tenfold increase in profit compared to Q1 2023, now reaching an impressive KRW6.61 trillion ($4.85 billion).
In addition to the remarkable profit surge, Samsung’s revenue has also surged by 13%, marking a significant achievement. While not as dramatic as the profit surge, this increase surpasses expectations and underscores the company’s revitalized performance. The report attributes this remarkable turnaround to robust sales of its flagship Galaxy S24 smartphones and elevated prices for memory semiconductors.
Samsung’s Mobile Experience (MX) division has demonstrated revenue growth despite market challenges. Although premium and mid-range smartphone demand experienced seasonal declines, the Galaxy S24 models have delivered robust double-digit profitability. The company credits ongoing optimization efforts for this success.
The official press release highlights the popularity of Galaxy AI features such as Circle to Search, which have significantly contributed to sales.
Looking ahead to the second quarter, Samsung foresees a sequential decrease in overall demand. However, the MX division remains committed to prioritizing flagship models. It plans to bolster product competitiveness by expanding the AI features introduced in the Galaxy S24 to other high-end devices, capitalizing on strong demand for generative AI.
Samsung’s other divisions, including its DDR5 RAM and high-density SSD memory, have also performed admirably, revitalizing the memory division. The company expects this positive trajectory to continue into the second quarter despite ongoing economic volatility and geopolitical challenges.
