The upbeat outlook from the world’s largest memory chip maker sent its shares 1.8% higher on Tuesday after it reported a more than 10-fold rise in first-quarter operating profit.
Operating profit rose to 6.6 trillion won in January to March, up from 640 billion won a year earlier.
It was the company’s highest operating profit since the third quarter of 2022.
Samsung’s mobile devices business booked a 3.51 trillion won operating profit in the first quarter, down from 3.94 trillion won a year earlier.
Rising costs, including increased memory chip prices, dented margins from its flagship Galaxy S24 smartphones launched during the quarter.
Persons:
” Jaejune Kim, Jeff Kim, ” Kim
Organizations:
Seoul Reuters, Samsung Electronics, Samsung, SK Hynix’s, Nvidia, SK Hynix, AMD, KB Securities, Apple
Locations:
Seoul, China