Samsung Expects Q1 2024 Profits to Surge 10x

Samsung has just revealed its earnings forecast for the first quarter of 2024. They expect sales to range between $51 and $53 billion. What's particularly notable is the anticipated operating profit, which is forecasted to be just under $5 billion. This represents a significant tenfold increase compared to the profit reported in the same quarter of the previous year.

Reuters reports that the considerable rise in profits is probably due to increased demand for high-bandwidth memory (HBM) crucial for AI chipsets. Additionally, an analyst suggests that better inventory valuation for NAND chips might boost margins.

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Additionally, the preliminary market reception to the Galaxy S24’s on-device AI capabilities, though details are yet to be fully disclosed, suggests that the enhanced sales figures for these flagship devices may have also contributed to the profit increase.

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The earnings guidance marks Samsung's final forecast submitted to Korean regulatory bodies. The full report is set for release on the last Thursday of this month, offering a thorough breakdown of profits and sales by division.