Samsung’s most recent financial report, which covers the first quarter of 2024, was made public today. Compared to many of the prior quarters, it demonstrates a striking recovery.
Astounding KRW6.61 Trillion
In comparison to Q1, 2023, the South Korean phone manufacturer has increased its earnings by a factor of ten. It is currently valued at an astounding KRW6.61 trillion ($4.85 billion).
In addition to profit, the company’s revenue has increased by 13%. While it may not be as striking as a tenfold gain in earnings, it nonetheless somewhat exceeds forecasts.
The report primarily credits rising prices for memory semiconductors and strong sales of its flagship Galaxy S24 handsets for the company’s return to revenue and profit levels observed in 2022.
Samsung’s Mobile Experience
Despite a market slump, Samsung’s Mobile Experience (MX) division reported revenue increase. Seasonal factors caused the demand for mid-range and luxury cellphones to decline, as was predicted.
On the other hand, the business claims that the Galaxy S24 models produced high double-digit profitability because of continuous resource optimisation efforts.
Galaxy AI services
The official press announcement emphasised how popular Galaxy AI services, such as Circle to Search, are still, which helps to increase sales.
Samsung predicts a sequential decline in total demand for the next second quarter. The MX division, however, intends to continue concentrating on flagship models.
The MX Division
Since there is still a large demand for generative AI, the goal is to increase product competitiveness by bringing the AI characteristics of the Galaxy S24 to other high-end devices.
The memory division was able to regain momentum thanks to the strong performance of Samsung’s other businesses, which included its high-density SSD memory and DDR5 RAM.
Despite continuous volatility brought on by more general economic conditions and geopolitical challenges, the company anticipates that this good trend will continue into the second quarter of the year.
To read our blog on “Samsung unveils new quickest RAM for mobile phones,” click here
