Samsung appears to be doing much better now than it was last year. Around this time last year, the company saw about a 95% decline in year-over-year earnings. However, it looks like the Android phone maker may have turned things around. According to profit estimates, Samsung expects to see a big increase in its profits for Q1 2024.
The Korean firm reportedly estimates that its operating profit has increased to 6.6 trillion Korean won ($4.9 billion). For comparison, the phone maker reported a profit of 640 billion Korean won ($478.55 million) in Q1 2023. Additionally, the company says it expects that sales have risen by over 11%. While Samsung is best known for its phones, its decline in profits last year was not due to its phones.
Revenue from its mobile division reportedly grew by 22%, and operating profit went up by 3% year-over-year. The real problem turned out to be the company’s chip department, which experienced a loss of 4.58 trillion Korean won ($3.4 billion). This was a lingering effect of the pandemic, which forced the company to stockpile chips during increased demand and left it with a surplus of inventory afterward.
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