Samsung Forecasts Tenfold Profit Surge in Q1 2024

Samsung, the global technology giant, has recently revealed its earnings forecast for the first quarter of 2024, showcasing a promising outlook.

With projected sales ranging between $51-$53 billion, the company anticipates a remarkable tenfold increase in operating profit, expected to near $5 billion, Reuters reported.

This substantial surge in profits is attributed to various factors, including heightened demand for high-bandwidth memory (HBM) crucial for AI chipsets and potential improvements in NAND chip inventory valuation.

Additionally, the market’s positive response to the Galaxy S24’s enhanced AI capabilities hints at further contributing to the profit surge.

Samsung projects sales between $51-$53 billion for the first quarter of 2024.

Anticipates an operating profit just below $5 billion, marking a tenfold increase from the previous year.

Surge in profits attributed to heightened demand for high-bandwidth memory (HBM) and potential improvements in NAND chip inventory valuation.

Positive market reception to Galaxy S24’s on-device AI capabilities suggests enhanced sales figures contributing to profit surge.

Samsung’s comprehensive earnings report is set for release on the final Thursday of the month.

This report will provide a detailed breakdown of profit and sales by division, offering insights into the company’s performance and future prospects.

Stay tuned for further updates on Samsung’s impressive financial performance and its impact on the technology industry.