Samsung expects profits to soar with boost from AI

Samsung expects profits to soar with boost from AI
Samsung expects profits to soar with boost from AI

Samsung Electronics anticipates a 15 % increase in its profits for the three months to June 2024 compared to the same period last year.

Advancement in chips are now more expensive thanks to an artificial intelligence ( AI ) boom, which has increased the company’s forecast for the second quarter.

The North Korean tech giant is the world’s largest manufacturer of memory cards, smartphones and televisions.

During earlier trading days in Seoul, the statement pushed Samsung stock up more than 2 %.

The firm also reported a more than 10-fold jump in its profits for the first three months of this year.

In this quarter, it said it is expecting its profit to rise to 10.4tn won ($ 7.54 bn, £5.9 bn ), from 670bn won last year.

That surpasses experts ‘ projections of 8.8tn conquered, according to LSEG SmartEstimate.

The S&amp, P 500, and Nasdaq in the United States reopened on Wednesday, setting new records for the enthusiasm about AI as a result of the overall market protest over the past year.

Samsung Group, a North Korean company, has its flagship business at Samsung Electronics.

Next month, the software firm faces a probable three- time strike, which is expected to start on Monday. A coalition of workers is calling for a more open system for bonuses and leave.