Today, Samsung revealed its projected earnings for the first quarter of 2024. Sales are anticipated to fall between KRW 70 and 72 trillion ($51-$53 billion), with an even more impressive operating profit forecasted to range from KRW 6.5 to 6.7 trillion (approximately $5 billion) – a substantial increase compared to the same period last year.
| (all units in KRW / USD) |
Q1 2024 Earnings Guidance |
Q3 2023 | QoQ Change | Q1 2023 | YoY Change |
| Sales | 71 trillion / 52 billion |
67.78 trillion / 50.09 billion |
4.75% | 63.75 trillion / 47.11 billion |
11.3% |
| Operating Profit | 6.6 trillion / 5 billion |
2.82 trillion / 2.08 billion |
134% | 0.64 trillion / 470 million |
931% |
The significant increase in profit is expected to be driven by the growing demand for high-bandwidth memory (HBM) in AI chipsets, as reported by Reuters. Additionally, an analyst suggested that the valuation of NAND chips may have improved, impacting profit margins positively.
The initial response to the advanced on-device AI technology featured in the Galaxy S24 line likely contributed to the higher sales of Samsung’s flagship phones and overall profit.
The earnings guidance serves as Samsung’s final projection shared with Korean authorities and regulators. The comprehensive report will be disclosed on the last Thursday of this month, providing a detailed breakdown of profits and sales across different divisions.
