Samsung Reports Six-Fold Surge In Second Quarter Net Profit

SEOUL, July 31 (Bernama-dpa) -- South Korean tech giant Samsung Electronics announced a six-fold year-on-year increase in net income on Wednesday, soaring from 1.55 trillion won (US$1.12 billion) to 9.64 trillion won.

The substantial rise in the second quarter was fuelled by favourable conditions in the memory chip market, resulting in higher average prices and robust sales of OLED panels, reported German news agency dpa.

Operating income for the quarter climbed to 10.44 trillion won from 0.67 trillion won a year earlier. Sales rose about 23.44 per cent to 74.07 trillion won.

The DS Division posted 28.56 trillion won in consolidated revenue and 6.45 trillion won in operating profit for the quarter.

In the second half of 2024, AI servers are expected to take up a larger portion of the market as major cloud service providers and enterprises expand their AI investments.

In the second half, the Foundry Business expects a rebound in mobile demand and continued high growth in demand for AI/HPC applications.

As a result, the foundry market is expected to experience growth overall, particularly in advanced nodes, the company said. The Samsung Developer Conference posted 7.65 trillion won in consolidated revenue and 1.01 trillion won in operating profit for the second quarter.

The mobile display business posted sales growth, driven by solid demand for flagship products, along with effectively supporting new smartphone launches from key customers.

The MX and Networks businesses posted 27.38 trillion won in consolidated revenue and 2.23 trillion won in operating profit for the second quarter.

The Visual Display and Digital Appliances businesses posted 14.42 trillion won in consolidated revenue and 0.49 trillion won in operating profit in the second quarter.

-- BERNAMA-dpa