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.
The AstraZeneca vaccine 'victims': From families losing loved ones to those left with life
Doctors combine a pig kidney transplant and a heart device in a bid to extend woman's life
The WNBA's Dallas Wings are planning a move downtown from the suburbs in two years
Turner hits 2 home runs, Jansen also connects as Blue Jays beat Royals 6
Veteran DEA agent sentenced to 4 years for leaking intelligence in Miami bribery conspiracy
Carli Lloyd turns diplomat and takes a US message to kids in Greece
More than 1 in 4 US adults over age 50 say they expect to never retire, an AARP study finds
Faye Dunaway orders crew member off set for being in her eye line in newly
Durek Verrett labels Princess Martha Louise of Norway his 'sun and moon'
Investors trying to take control of Norfolk Southern railroad pick up key support
Dairy cattle must be tested for bird flu before moving between states, agriculture officials say