Samsung announces second quarter 2024 financial results

Samsung released its financial report for the second quarter ending June 30, 2024. Samsung indicated that this quarter’s performance was primarily driven by favorable conditions in the memory market, leading to an increase in the average selling price (ASP), and robust sales of OLED panels also contributed to the results.

The financial report shows that Samsung’s revenue for the second quarter of 2024 was 74.07 trillion KRW, higher than the 60.01 trillion KRW of the same period last year, marking a year-over-year increase of 23.44%, and also surpassing the previous quarter’s 71.92 trillion KRW. Operating profit stood at 10.44 trillion KRW, a staggering increase of 1458.2% compared to 670 billion KRW in the same period last year, exceeding market expectations and showing significant growth from the previous quarter’s 6.61 trillion KRW. Gross profit was 29.76 trillion KRW, not only surpassing the 18.36 trillion KRW of the same period last year but also exceeding the previous quarter’s 26.03 trillion KRW. Net profit was 9.84 trillion KRW, higher than the previous quarter’s 6.75 trillion KRW and a remarkable increase of 475.44% compared to 1.71 trillion KRW in the same period last year.

With the storage chip market on the rise this year, Samsung’s semiconductor business is back on track, actively responding to the demand for high-value-added products in artificial intelligence (AI), such as expanding production capacity to increase HBM3E supply. This quarter, the DS department’s revenue was 28.56 trillion KRW, with an operating profit of 6.45 trillion KRW.

Samsung stated that the strong demand for HBM, traditional DRAM, and server SSDs is driving the continued recovery of the memory market, which is the result of continuous investment in the AI sector. This trend is expected to continue into the second half of 2024. However, as production capacity shifts to these areas, the supply of traditional PC and mobile device products will be somewhat restricted.