Chip sales boost Samsung's Q2 profit to over $7 billion in recent quarter, company says

Samsung has recently posted its operating profit, amassing over 10.4 trillion Korean won (approx. $7 billion in USD) in the second quarter of the current fiscal year (2024).

The South Korean tech giant, which has been gearing up for the upcoming, second Galaxy Unpacked event of 2024, said that semiconductor sales contributed the most to the surprise earning jump.

The company is also expecting a total of 74 billion Korean won (approx. $53 billion in USD) of consolidated sales between April and June 2024.

Samsung’s sales have grown by 23% compared to last year, with profits soaring by an impressive 1,452%. While operating profit alone doesn’t paint the full financial picture, these figures indicate strong progress for the company.

In the previous quarter, Samsung achieved 6.61 trillion won (approx. $4.7 B) in operating profit. Looking back, in Q4 2023 it was 2.82 trillion won ($2B), in Q3 it was 2.4 trillion won ($1.7B), and in Q2 2023 it was 0.67 trillion won ($485 million).

Samsung has benefited from the AI race, just like most tech companies profiting from the AI hype in recent months or years. The South Korean company tapped Google’s Gemini to bring its AI power to Galaxy smartphones, starting with the S24 which brings unique features such as Circle to Search.

The upcoming Galaxy Unpack event, dated July 10, is set in Paris. A lot of AI smarts are expected to be demoed, as well as a new range of devices like the new Galaxy Z foldable, Galaxy Watch 7, Galaxy Buds 3, and Buds 3 Pro.