Samsung Electronics has reported a strong financial performance for the second quarter of 2024, showcasing significant growth across multiple business segments. The company’s consolidated sales reached KRW 74.07 trillion (US$58.6 billion), marking a 3% increase quarter-on-quarter and a 23% year-on-year rise.
The primary driver behind this growth was the Device Solutions (DS) division, which saw its sales skyrocket by 94% year-on-year to KRW 28.56 trillion (US$22.6 billion). This surge was largely attributed to robust demand for high-bandwidth memory (HBM) and DDR5 products, fueled by expanding investments in artificial intelligence (AI) infrastructure.
Operating profit for the quarter was KRW 10.44 trillion (US$8.3 billion), a substantial increase from KRW 6.61 trillion (US$5.2 billion) in the previous quarter. The net profit for the period was KRW 9.84 trillion (US$7.8 billion), significantly up from KRW 6.75 trillion (US$5.3 billion) in 1Q 2024.
The Mobile eXperience (MX) segment, despite a seasonal dip in smartphone demand, maintained strong sales of the Galaxy S24 series. The Visual Display (VD) and Digital Appliances (DA) sectors also contributed positively, with steady sales of premium products like Neo QLED and BESPOKE AI appliances.
Looking ahead, Samsung expects continued growth in the second half of 2024, particularly in the semiconductor market, driven by ongoing demand for AI and HPC (High-Performance Computing) applications. The company plans to ramp up production of advanced memory products and expand its customer base in these high-growth areas.
