Korea Business News Agency - NSP NEWS AGENCY.

(Image = Samsung Electronics)

(Seoul=NSP NEWS AGENCY) = Samsung Electronics announced its consolidated performance for 1Q 2024: 71.92 trillion won of revenues and 6.61 trillion won of operating profits.

Revenues on the enterprise level were 71.92 trillion won, a 6% increase in QoQ. The two drivers for such an increase were great sales performance for its flagship smartphone, Galaxy S24, and increased prices of memory chips due to better circumstances in the sector.

Operating profits were 6.61 trillion won, an increase of 3.78 trillion won from the previous quarter. Samsung’s response to provide higher value products helped its memory chip business to turn black amid better circumstances in the tech industry. In addition, the MX division saw increased profits as it sold more flagship smartphones.

Samsung spent the highest R&D costs, 7.82 trillion won, in the quarter by maintaining an active stance in R&D for future growth.

Generally weak won over major currencies in the first quarter contributed to a 300 billion won surplus in operating profits for the entire group compared to the previous quarter.

By Hyun-jin Kim(kimhj30310@nspna.com) and Bok-hyun Lee(bhlee2016@nspna.com)

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