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Samsung 2024 profit jumps beyond expectations, spikes 10x!
Samsung today announced financial results for the first quarter of 2024. Thanks to higher prices for memory semiconductors and strong Galaxy S24 sales, the company posted KRW 71.92 trillion (about $52.3 billion) in consolidated revenue in the first three months.
Samsung’s first-quarter results
- Revenue: 71.92 trillion Korean won (about $52.3 billion)
- Operating profit: 6.61 trillion Korean won
The Korean tech giant revealed operating profit increased to KRW 6.61 trillion as the Memory Business returned to profit. Besides, the MX (Mobile eXperience) Business posted higher earnings and the Visual Display and Digital Appliances businesses also recorded increased profitability.
The DS Division posted KRW 23.14 trillion in consolidated revenue and KRW 1.91 trillion in operating profit for the first quarter. The company also disclosed that the development of advanced 3nm and 2nm technologies is progressing smoothly.
Samsung’s mobile business scored revenue and operating profit growth due to overwhelming sales of the Galaxy S24 series. In particular, Galaxy AI features on the S24, such as Circle to Search, continued to see high usage rates and contributed to sales growth.
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So it’s now almost confirmed that the Samsung Galaxy Ring would be available in 9 sizes. Earlier, the company’s upcoming smart device was spotted in 8 variants. Now, the latest listing confirms the existence of the ninth version, which was missing in the past.
As spotted by 91mobiles, the 9th model of Samsung Galaxy Ring has now been spotted on Bluetooth SIG certification. Notably, the ninth Galaxy Ring variant (model number SM-Q503) brings support for Bluetooth 5.4, aligning with the rumors we’ve heard in the past.
Ring variants denote different sizes of Samsung’s upcoming wearable device, making a praiseworthy array for consumers. The South Korean tech giant unveiled the Galaxy Ring at the Mobile World Congress. It is expected to be launched at the Galaxy Unpacked in July.
The South Korean tech giant is expected to launch the Galaxy Ring in three color options including Ceramic Black, Platinum Silver, and Gold. Additionally, the largest Ring model is slated to have a larger battery than the remaining variants.
Image: 91mobiles
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Samsung recently revealed changes in its top five customers for the first quarter of 2024. Samsung dropped US-based Qualcomm and Best Buy from its top five clients and joined Chinese semiconductor suppliers Digitimes report.
According to the info, US-based Qualcomm and Best Buy are no longer in Samsung’s top 5 clients in 2024. The South Korean tech giant has added two new firms to its list of five top clients, per the quarterly report announced yesterday.
The company has listed Hong Kong-based Techtronics and Singapore-based Supreme Electronics. These firms retail chips in China, which replaced Qualcomm and Best Buy in the company’s top five customer list.
In the first quarter, Apple, Deutsch Telekom, Techtronics, Supreme Electronics and Verizon were Samsung’s top 5 clients. The five customers accounted for 13 percent of Samsung’s quarterly revenue.
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Galaxy AI has many features that make flagship Samsung phones like new. Debuted with the Galaxy S24 series, Samsung’s Galaxy AI innovation is rolling out to recent premium phones, foldables, and tablets.
Last month, Samsung upgraded all the 2023 flagship phones, tablets, and foldables with Galaxy AI features. Earlier this month, the company further expanded the AI features with One UI 6.1 update to flagships released in 2022.
Galaxy AI brings both on-device and cloud-based artificial intelligence features. Google smartphone users are feeling robbed as they are not getting the AI advancements that the company announced with the Pixel 8 Pro.
Samsung’s Galaxy AI brings many cool features such as Live Translate, Interpreter, Generative Edit, Note Assist, Browsing Assist, Video Editor, Generative Wallpaper, and Circle to Search by Google.
Samsung devices renewed w/ Galaxy AI features
Galaxy S23 series, Galaxy Z Flip 5, Galaxy Z Fold 5, and Galaxy Tab S9 series benefited in the first phase of rollout. However, the second phase of Galaxy AI has just resumed after a slight break to the Galaxy S22 series.
While the Galaxy S23 and other 2023 models have widely received the update, the Galaxy S22’s rollout has just started. Initially available in South Korea, the AI-packed One UI upgrade will soon be available on your handset.
Galaxy S Series
- Galaxy S24 Series
- S24, S24 Plus and S24 Ultra
- Galaxy S23 Series
- S23, S23 Plus and S23 Ultra
- Galaxy S22 Series
- S22, S22 Plus and S22 Ultra
Galaxy Z Series
- Galaxy Z Fold 5 and Z Fold 4
- Galaxy Z Flip 5 and Z Flip 4
Galaxy Tab Series
- Galaxy Tab S9 Series
- Tab S9, Tab S9 Plus and Tab S9 Ultra
- Galaxy Tab S8 Series
- Tab S8, Tab S8 Plus and Tab S8 Ultra
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