Friday, May 31, 2024

Samsung’s Profits Skyrocket by 933% to $4.8 Billion in Just 3 Months

Samsung has reported a revenue of 71.92 trillion South Korean won, which is about $52.08 billion. This marks a 17 percent increase compared to the same period last year.

What’s even more impressive is the enormous 933 percent jump in operating profit. This surge in profit comes from various parts of Samsung’s business doing really well. For example, Samsung’s smartphone division brought in revenue of 33.53 trillion South Korean won, or $24.27 billion, with an operating profit of $2.54 billion.

Even though Samsung faced some difficulties with its mid-range smartphones, the Galaxy S24 series was a huge success and played a major role in boosting earnings.

Samsung credits its continued strong profitability to resource optimization. This means they’ve been finding ways to save money, like reducing the costs of the chips they use in their phones. For example, they launched their latest flagship lineup, the Exynos 2400 and Snapdragon 8 Gen 3 variants, which helped them save money and make more profit.

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