Samsung Electronics posted a handsome Q1 2024 preliminary operating profit of about 6.6 trillion won (approx. A$7.4 billion).
It beat analysts’ predictions that it would rake in a profit of 5.7 trillion won (approx. A$6.41 billion) for the quarter ending March 31.
Samsung’s latest figures posted on Friday marks its first quarterly profit after successive quarterly declines starting Q3 2022.
Revenues at the world’s largest chipmaker rose to about 71 trillion won (approx. A$79.92 billion) during the quarter.
The downturn in the chip market and weakening demand for smartphones and TVs were contributing factors to Samsung suffering one of its worst performances in a decade last year.
It attempted to counter that by paring down its chip production and focusing on premium products within the electronics space.
Specifically, the introduction of the Galaxy S24 series is believed to have turned around its fortunes in the first quarter of this year.
Also, South Korea’s exports of chips increased 35.7 per cent in March from a year earlier to approximately A$17.81 billion, the largest monthly sales total since March 2022.
Samsung’s full earnings with divisional breakdowns will be revealed on April 30.
