SEOUL, South Korea (AP) — Samsung Electronics on Tuesday reported a 10-fold increase in operating profit for the last quarter as the expansion of artificial intelligence technologies drives a rebound in the markets for computer memory chips. The South Korean semiconductor and smartphone giant said its operating profit for the Jan-March quarter came in at 6.6 trillion won ($4.8 billion), up from the 640 billion won ($465 million) it earned during the same period last year. Revenue rose by nearly 13% to 71.9 trillion won ($52 billion), driven by higher prices for memory chips and robust sales of its flagship Galaxy S24 smartphones, the company said. The company earned 1.91 trillion won ($1.38 billion) in operating profit from its semiconductor business, marking the division’s first quarterly profit since the fourth quarter of 2022, as the chip market continues to recover from a cyclical slump deepened by the COVID-19 pandemic and global trade tensions. |
Xi Focus: Xi Stresses Promoting Equipment Renewals, TradeXi congratulates Nangolo Mbumba on assuming Namibia's presidencyMozambique inaugurates ChineseXi Focus: Xi's Thought on Ecological Civilization Guides Xiamen's Green ShiftLawmakers vigilant of use of AI in fraudXi Stresses Contributing to Chinese Modernization with Solid ActionsLawmakers vigilant of use of AI in fraudChina's foreign trade starts on steady note in 2023Feature: China's satellite TV aid project enlightens remote rural villages in AfricaChina's top diplomat to attend Munich Security Conference, visit Spain and France