Samsung expects profits to soar with boost from AI
What products does Samsung Electronics manufacture?
Samsung Electronics manufactures a wide range of products, including smartphones, tablets, wearable devices, TVs, home appliances, memory chips, and semiconductors3. The South Korean company is also involved in the construction of oil refining plants, upstream oil and gas facilities, petrochemical plants, gas plants, steel-making plants, power plants, water treatment facilities, and other infrastructure.
By how much did Samsung shares increase in early trading?
Samsung shares increased by more than 2% in early trading hours in Seoul, following the announcement of the company's forecast for the second quarter1.
How much will Samsung's profits increase by June 2024?
Samsung Electronics expects its profits for the three months to June 2024 to jump 15-fold compared to the same period last year. The company anticipates a profit of 10.4 trillion won ($7.54 billion) in Q2 2024, a significant increase from 670 billion won in Q2 2023. This is due to the AI boom lifting the prices of advanced chips and driving up the firm's forecast for the second quarter.