Samsung Electronics Q1 Net Surges Over Fivefold on AI-Driven Demand

Seoul: Samsung Electronics Co. said Thursday its first-quarter net profit surged more than fivefold from a year earlier, driven by robust demand for high-end memory chips used in artificial intelligence (AI) applications. According to Emirates News Agency, net profit for the three months ended March jumped to 47.22 trillion won (US$31.8 billion) from 8.22 trillion won a year earlier, the company said in a press release. Operating profit jumped more than eightfold to 57.23 trillion won from 6.68 trillion won over the same period, while sales climbed 69.2% to 133.87 trillion won from 79.14 trillion won. "The record quarterly operating profit and sales were primarily driven by robust sales of high-margin AI chips and rising memory prices in the device solutions division," the company said.