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.
New Kansas abortion clinic will open to help meet demand from restrictive neighboring states
Meals on wheels! Inside London's amazing fine
Europe on the edge as assassination attempt on pro
Socialite Jasmine Hartin enjoys beach snuggle with electrician hunk
Maths teacher Rebecca Joynes, 30, who is accused of sleeping with two of her 15
Democrats warn of Republican meddling in a key Oregon primary
Beaming Charles hobnobs with Tess Daly, Sir Lenny Henry and supermodel Rosie Huntington
Should you claim child benefit? What it's worth
Ogunbowale owns fourth quarter, Wings pull away from Sky 87
Revealed: Brit tourist, 19, subjected to sex attack in Majorca 'was gang
South China Sea: Filipino activists decide not to sail closer to disputed shoal