SHANGHAI, CHINA – MARCH 14, 2024 – Visitors go to the Galaxy S24 telephones at SAMSUNG sales space at AWE2024 in Shanghai, China, March 14, 2024.
CFOTO | Future Publishing | Getty Images
Samsung Electronics on Friday mentioned it expects to put up a 931% enhance in first quarter working revenue, as chip prices rebound.
Operating revenue within the January-March quarter seemingly rose to six.6 trillion Korean received ($4.89 billion), up 931% from a yr in the past, based on a preliminary statement. Profit within the first quarter of 2023 was 0.64 trillion received.
The revenue steerage for the primary quarter of 2024 exceeds LSEG’s estimate of 5.24 trillion received.
“We forecast Samsung Electronics will post solid earnings for 1Q24 driven by memory price hikes and robust S24 sales, beating market estimates,” mentioned SK Kim, govt director and analyst at Daiwa Securities in a March 27 report.
“We expect the strong AI-driven memory upturn cycle will drive earnings in 2024-25E,” mentioned Kim. Daiwa maintained their “buy” score on Samsung Electronics and lifted worth goal to 110,000 received.
First quarter income seemingly rose 11.4% from the identical interval a yr in the past to 71 trillion received, the agency mentioned in a preliminary earnings assertion. LSEG analysts anticipate income of 71.8 trillion received.
Samsung is the world’s largest maker for dynamic random-access reminiscence chips, that are present in shopper gadgets akin to smartphones and computer systems.
Memory chip prices fell drastically final yr, as a result of extra inventories post-Covid and weak demand for finish merchandise like smartphones and laptops.
In third-quarter earnings calls, each Samsung and the world’s second-largest DRAM chip maker SK Hynix signaled that memory chip demand weakness had finally bottomed out following manufacturing cuts.
Revenue from the worldwide foundry business rose about 10% sequentially within the fourth quarter, based on Counterpoint Research’s Foundry Services. However, on a year-on-year foundation, income fell 3.5% throughout the three-month interval.
“Despite lingering macroeconomic uncertainties, the industry started bottoming out in H2 2023, driven by supply chain inventory restocking demand in the smartphone and PC sectors,” mentioned Counterpoint Research on April 2.
Samsung Electronics is anticipated to announce detailed earnings later this month.
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