Samsung Electronics is poised for a huge first quarter as the tech giant expects to see a massive 931% increase in operating profit. The company projects that its operating profit will reach 6.6 trillion Korean won, a significant jump from 0.64 trillion won in the same period last year.
The surge in profit is believed to be driven by a rebound in chip prices, which has been a major factor contributing to Samsung’s success. In addition, visitors at the AWE2024 conference in Shanghai, China have been flocking to the Samsung booth to check out the highly anticipated Galaxy S24 phones, indicating strong interest in the upcoming product launch.
Analysts are optimistic about Samsung’s performance in the first quarter, with many forecasting solid earnings thanks to the recent memory price hikes and strong sales projections for the S24. Daiwa Securities executive director and analyst has even gone as far as to maintain a “buy” rating on Samsung Electronics and raise the price target to 110,000 won.
Overall, Samsung Electronics appears to be in a strong position heading into the first quarter, with the company’s reputation for quality products and innovative technology continuing to attract consumers and investors alike. Keep an eye out for further updates on Samsung’s financial performance in the coming weeks.
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