Daily Management Review

Samsung Electronics increases net profit in Q2 by almost six times


08/01/2024


Samsung Electronics reported a drastic increase in net profit, rising to 9.84 trillion South Korean won ($7.11 billion) in the second quarter from 1.72 trillion won in the previous year, as stated in the company's financial report.



DennisM2 via flickr
DennisM2 via flickr
Analysts polled by FactSet had anticipated an average net profit of 8.23 trillion won.

The operating profit of the company increased by almost 16-fold to reach 10.44 trillion won. The investment in research and development was equivalent to 8.05 trillion won.

Income increased by 23% to 74.07 trillion won.

Samsung predicts ongoing high demand for memory chips for AI servers in the latter half of the year.

source: bloomberg.com