Samsung profit surges over eight-fold to beat estimates as AI boom fuels memory chip crunch
Samsung Electronics reported a record first-quarter operating profit, more than eight times higher than the same period last year, driven by strong demand for AI-related memory chips and higher industry-wide prices. The company's revenue and profit exceeded analyst expectations, with its chip business benefiting from supply constraints and increased demand from data centers. Samsung expects continued strong demand for server memory in the second half of the year as AI adoption grows globally.
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Samsung Electronics reported an over eight-fold increase in first-quarter operating profits on Thursday, hitting a new record and beating analysts' estimates, as demand for artificial intelligence servers and a memory chip shortage boosted earnings. Here are Samsung's first-quarter results compared with LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate:Revenue: 133.9 trillion Korean won ($89.96 billion) vs. 132.69 trillion won expectedOperating profit: 57.2 trillion won vs. 55.28 trillion won expectedThe South Korean technology giant's quarterly profit climbed more than 750% from a year earlier to a fresh record. The company also posted record revenue, up about 70% year over year.
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