Samsung Electronics Posts A Whopping 931.9% Profit Jump In Q1

Benzinga Neuro

April 29, 2024

Samsung Electronics Co., Ltd. (OTC:SSNLF) has announced a nearly tenfold surge in its first-quarter operating profit. The significant increase is primarily attributed to a strong recovery in the company’s chip business.

What Happened: Samsung Electronics’ semiconductor division registered an operating profit of 1.9 trillion won ($1.3 billion) in the first quarter, bouncing back after five consecutive quarters of losses, reported Korea JoongAng Daily.

The tech giant disclosed on Tuesday that its operating profit for the first quarter stood at 6.6 trillion won, a staggering 931.9% increase compared to the same period last year. The company’s revenue for the quarter was 71.9 trillion won, marking a 12.8% year-on-year rise.

See Also: Trump Vs Biden: New Poll Reveals Shift In 2024 Race As Public Divided On Presidents’ Legacies

The Device Solutions (DS) division, which oversees the chip business, reported a revenue of 23.1 trillion won, a significant 68% increase from the previous year. The division’s profit shifted from a loss of 4.6 trillion won a year ago to a profit of 1.91 trillion won in Q1.

“Samsung Electronics was able to realize qualitative growth and turn to profit for the memory chip business on the back of handling demands for value-added products such as HBM, DDR5, SSD for server and UFS4.0,” the company said in a statement.

On the other hand, the Mobile Experience (MX) division, responsible for the smartphone business, experienced a slight 0.4% year-on-year drop in profit, recording 3.51 trillion won.

Why It Matters: Samsung’s impressive first-quarter performance, particularly in the semiconductor business, signifies a strong recovery from a period of consecutive losses. The company’s ability to meet the demand for value-added products has played a crucial role in this turnaround. However, the slight dip in the profit of the MX division indicates the challenges the company faces in the highly competitive smartphone market.

Price Action: Samsung Electronics rose 1.43% to 77,800 KRW at 10:53 a.m. Korean time in the local market.

Read Next: Amid Latest Indictments, Former Trump Aide Slams Ex-President Over Treatment Of ‘Bodies Around Him’: ‘He Takes Out Everybody Who Is Loyal To Him’

Engineered by Benzinga Neuro, Edited by Jae Hur

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Recommended

AI & Crypto in One $11 Investment - Ad

Don't Miss the Next AI Payout Opportunity (It's Coming Soon) - Ad

Central Banks Buying Gold in Record Numbers - Ad

These are often companies that have high free cash flows and reward shareholders with a high dividend payout.

This Analyst With 85% Accuracy Rate Sees Around 8% Upside In NVIDIA - Here Are 5 Stock Picks For Last Week From Wall Street's Most Accurate Analysts

Wall Street analysts make new stock picks on a daily basis. Unfortunately for investors, not all analysts have particularly impressive track records at predicting market movements.

$25 AI Stock Could Deliver Life-Changing Windfall

$25 AI Stock Could Deliver Life-Changing Windfall - Ad

Discover a company at the forefront of the AI revolution, with up to $1 billion in government-backed contracts and 1,372 patent applications. Trading at just $25 a share...

'Star Wars' Actor Mark Hamill Makes Surprise White House Appearance, Coins Biden 'Joe-B-Wan Kenobi'

Mark Hamill gave President Biden a Star Wars-inspired nickname, Joe-B-Wan Kenobi, adding pop culture touch to political landscape.

How To Earn $500 A Month From Williams-Sonoma Stock Ahead Of Q1 Earnings

Williams-Sonoma, Inc (NYSE: WSM) is expected to release Q1 earnings before opening bell on Wednesday. Analysts expect $2.68 EPS and $1.65B revenue.

Defi Coin Triggers All "Buy" Signals and Could Break Out Soon

Defi Coin Triggers All "Buy" Signals and Could Break Out Soon - Ad

Some are calling this the most promising DeFi project since Ethereum itself. Here's the #1 DeFi Coin Set to Soar. While Bitcoin grabs headlines, this lesser known DeFi coin is quietly gearing up for a monster rally. Experts say now is the time to buy before it reaches escape velocity.

Donald Trump Issues Eyebrow-Raising Demand Ahead Of Proposed Debates With Joe Biden: 'I Just Wanna Debate This Guy, But ...'

Former President Donald Trump has called for President Joe Biden to undergo a drug test ahead of their debates scheduled for June and September.

Buffett Says No Other Americans Would Have Had To Pay Even A Dime In Federal Taxes If This Had Happened

Warren Buffett suggests that federal taxes will likely increase given the country's precarious fiscal position, and he expressed Berkshire's willingness to cover the tax bill it faces.

Shhh! This Is One Great Coin...

Shhh! This Is One Great Coin... - Ad

Shhh! I truly believe this crypto could be one of the top earning cryptos of all time... In fact, in the coming bull run... this one coin could have the potential to bank 10x... 50x... and even 100x.

Comstock And 2 Other Stocks Under $3 Insiders Are Buying

Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.

Let's Spill The Tea: Top Consumer Tech News From Last Week That You Should Know (April 28-May 4, 2024)

Amazon reports solid first-quarter FY24 net sales, Elon Musk slams Meta, TikTok faces competition from Twitch and more .

America Just Hit a Grim Milestone

America Just Hit a Grim Milestone - Ad

Nearly half of U.S. households currently hold no retirement savings. Retirement expert Dr. David Eifrig says what happens next will separate a small number of winners from a very large number of losers. Learn how to protect yourself and your money with his four simple steps that he shares right here.

Demand Soars For Novo Nordisk's Weight-Loss Drug Wegovy Despite Supply Constraints And Eli Lilly Competition

The Danish pharmaceutical company is now shipping more introductory doses of Wegovy to the U.S., as it grapples with supply constraints and competition from Eli Lilly.

South Sudan removes newly imposed taxes that had triggered suspension of UN food airdrops

JUNA, South Sudan (AP) — Following an appeal from the United Nations, removed recently imposed taxes and fees that had triggered suspension of U.N. food airdrops. Thousands of people in the country depend on aid from the outside.

Mystery of the Rich and Connected Revealed

Mystery of the Rich and Connected Revealed - Ad

Former Goldman VP reveals a mysterious "Gold Bank" with huge upside potential... Last time we shared this, some folks could have seen a 995% gain. Don't be surprised if you've never heard of this -- most haven't. But he's sharing all in this new video.

US job openings fall to 8.5 million in March, the lowest level in more than 3 years

WASHINGTON (AP) — U.S. jobs openings slid in March to the lowest level in more than three years, but stayed at historically high levels in a sign that the job market remains resilient in the face of higher interest rates.

Nvidia's AI Dominance Evident As Tech Behemoths From Microsoft To Meta And Google Keep Pumping Billions Into Chipmaker, Analysis Reveals

Nvidia is set to release its first-quarter earnings, and the company is already making waves in the AI sector. The tech giant's AI infrastructure is in high demand, as evidenced by the increased capital expenditures of its major clients.

The No. 1 Crypto for 2024

The No. 1 Crypto for 2024 - Ad

It's expected to soar 20X bigger than Bitcoin.

Federal Judge Indefinitely Postpones Donald Trump's Classified Documents Trial

The trial of ex-President Donald Trump for retaining classified documents has been postponed indefinitely by a federal judge.

Ukraine May Need To Negotiate With Russia To End War, Says Top Intel Officer: 'Both Sides Are Jockeying For The The Most Favorable Position'

Ukraine may need to negotiate with Russia to end the war, as suggested by a senior intelligence official. Negotiations could begin in the second half of 2025.

READ THIS If You Missed Out on the AI Boom

READ THIS If You Missed Out on the AI Boom - Ad

Radical new biotechnology predicted to grow 320,000% in 3 years. Nvidia's CEO calls it "the next amazing revolution." And one small company poised to dominate this revolution trades for just $10.

Benzinga Bulls And Bears: Apple, Tesla, AMC, Bitcoin And Shiba Inu's Chart Forms Powerful Technical Patterns

Benzinga examined the prospects for many investors’ favorite stocks over the last week — here’s a look at some of our top stories. Stock markets ended the week on a high note following reassuring comments from Federal Reserve Chair Jerome Powell.

Shell Exits Chinese Power Market, Eyes Gas Growth: Report

Shell reportedly exits China's power markets, focusing on bolstering profitability in natural gas and oil sectors. The move reflects a commitment to invest selectively in profitable ventures within the power sector, aligning with CEO Wael Sawan's vision.

5 Wall Street Legends Just Bought This One Stock

5 Wall Street Legends Just Bought This One Stock - Ad

"If you're not at the table, you're on the menu," says former Goldman Sachs VP, Dr. David Eifrig.

Robinhood Crypto Trading Volume Slumped 57% In April

Robinhood Markets Inc. (NASDAQ:HOOD) reported a significant decline in crypto trading volumes for April, reflecting a broader cooling in retail

Red Lobster closes dozens of locations across the US just months after 'endless shrimp' losses

NEW YORK (AP) — Dozens of Red Lobster locations across the U.S. are on the chopping block.

Should You Buy Bitcoin in 2024? [Expert's Shocking Answer]

Should You Buy Bitcoin in 2024? [Expert's Shocking Answer] - Ad

Bitcoin minted 100,000 millionaires and if you're not one of them, that ship has sailed. But there's another millionaire-minting crypto at our doorstep... research shows this coin could be 20X bigger than Bitcoin by the end of the decade. With crypto starting to heat up again, this could be the perfect time to get in.

Elon Musk, Mark Zuckerberg Missing From AI Safety Board, MKBHD Reviews Rabbit R1 And More: This Week In AI News

This week was full of news from the tech and investment world, including Musk's thoughts on AI, Wood's significant trades, Intel's popularity on Reddit, and MKBHD's review of a new AI device.

Tesla's Board Chair Pleads For Reapproval Of Elon Musk's Controversial $47 Billion Compensation: 'Incredibly Important For The Future Of The Company'

Robyn Denholm, the chair of Tesla Inc. (NASDAQ: TSLA)'s board of directors, pleaded with shareholders on Friday to reapprove CEO Elon Musk's $47 billion pay package,

Forget Amazon, Google, and Oracle -- Invest Here Instead

Forget Amazon, Google, and Oracle -- Invest Here Instead - Ad

Worrying about which AI stock to buy next? Forget about it. Instead, you should be looking at this unique way to invest in the AI industry that regularly yields huge, retirement-boosting payouts. At least that's what one of America's top money managers thinks.

Jim Cramer Advises Investors To Stick With Good Companies Despite Short-Term Losses: 'You Just Need To Figure Out Which Companies Deserve Your Confidence'

Cramer, a prominent figure in the finance world, suggested that investors should not emulate the trading habits of large hedge funds. Instead, he recommended a long-term investment strategy, emphasizing the need to anticipate and endure market declines.

Trump's Son-In-Law Back In Political Arena? Jared Kushner Reportedly Making Calls To Potential Donors To Attend Ex-President's New York Fundraiser For 2024 Run

It is unclear whether Kushner's recent fundraising efforts are a one-time occurrence or a sign of his increased involvement in Trump's 2024 campaign.

America Has New Type of Money, Making Some Rich...Should You Get It?

America Has New Type of Money, Making Some Rich...Should You Get It? - Ad

One of America's most controversial CEOs says, "A new form of money in America is making some people (including Elon Musk, Jeff Bezos, and 17 of America's 25 wealthiest individuals), rich. It has nothing to do with gold, bitcoin, or anything like that, but it's 100% legal. The problem? Few Americans have a real understanding of how it works.

We know late-night screens are bad for sleep. How do you stop doomscrolling in bed?

Like many of us, Jessica Peoples has heard the warnings about excessive screen time at night. Still, she estimates spending 30 to 60 minutes on her phone before going to sleep, mostly scrolling through social media.

Troubled EV Maker Fisker Said To Shut Down California HQ And Relocate Some Staff As Bankruptcy Clock Ticks

Some employees at the Manhattan Beach office have been informed of the relocation and have been asked to prepare for the move by collecting their belongings.

"America's No. 1 Retirement Stock" (Name Inside)

"America's No. 1 Retirement Stock" (Name Inside) - Ad

According to the former Goldman Sachs VP -- who wrote a best-selling book on retirement -- one single stock stands head-and-shoulders above all others. And it should be the cornerstone of your portfolio. Have you heard of it?

Power blackouts hit Tanzania as Cyclone Hidaya intensifies towards the country's coastline

NAIROBI, Kenya (AP) — Tanzania’s power distributing company on Saturday announced a major blackout for most of the country due to the power grid's failure ahead of approaching Cyclone Hidaya. The metrological department said the cyclone continues toward the coastline.

Stock market today: Asian markets wobble after Fed sticks with current interest rates

HONG KONG (AP) — Asian markets wobbled in Thursday trading after U.S. stocks swung to a mixed finish with the .

Discover "U.S.'s New Money" Before Biden Wins

Discover "U.S.'s New Money" Before Biden Wins - Ad

A new form of money has emerged in America, and it's making some folks wildly rich... (Musk and Bezos both use it). Find out how you can too in this free video.

Three groups are suing New Jersey to block an offshore wind farm

LONG BEACH TOWNSHIP, N.J. (AP) — Three anti-wind power groups are suing New Jersey to overturn a key environmental approval for a wind energy farm planned off the coast of Long Beach Island.

Trending Now