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Samsung Electronics Reports Strong Q1 Financial Results

Samsung Electronics has announced its financial results for the first quarter ending March 31, 2024. The company achieved a consolidated revenue of KRW 71.92 trillion, driven by robust sales of flagship Galaxy S24 smartphones and higher prices for memory semiconductors. Operating profit surged to KRW 6.61 trillion, with the Memory Business returning to profit by catering to demand for high-value-added products.

The company’s total capital expenditures in the first quarter amounted to KRW 11.3 trillion, focusing on memory facilities and packaging technologies to meet the demand for advanced products like High Bandwidth Memory (HBM) and DDR5.

Looking ahead, Samsung anticipates improved global IT demand and business environment in the second half of the year, particularly driven by the growing demand for AI applications. The Memory Business is expected to remain solid in the second quarter, supported by continued demand for generative AI and high-density SSDs.

In addition to increasing supply in response to the growing demand for generative AI, Samsung plans to accelerate the supply of 1b nanometer-based 32Gb DDR5 and enhance technology leadership by mass producing quad-level cell (QLC) for V9 in the third quarter.

The System LSI Business aims to provide a stable supply of flagship SoCs and sensors for smartphones and new wearables, while the Foundry Business plans to start mass production of Gate-All-Around (GAA) 3nm second-generation technology.

Meanwhile, Samsung Display Corporation (SDC) aims to focus on flexible displays and IT/automotive applications to drive sales growth in large panels.

Despite challenges, Samsung’s MX Business posted revenue growth and plans to continue investing in AI to ensure long-term profitability and competitiveness.

In the Visual Display and Digital Appliances businesses, Samsung will concentrate on enhancing profitability, promoting premium products, and strengthening operations management.

Samsung’s commitment to innovation and customer satisfaction has been recognized through various awards, including being named the No. 1 smartphone brand in Sri Lanka and winning prestigious accolades such as the LMD Readers’ Most Loved Brands Awards 2024 and the ‘People’s Youth Choice Brand of the Year’ by SLIM Sri Lanka.

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