Samsung's First-Quarter Profit Soars 10-Fold on Memory Chip Price Recovery

Samsung Electronics estimates a more than 10-fold increase in first-quarter operating profit, surpassing market expectations, as chip prices rebound, but its shares drop as investors await updates on its memory chip business. The company's estimated operating profit of 6.6 trillion won beats expectations, while revenue misses estimates. The chip division is expected to report its first quarterly profit in five quarters, with memory chip prices rising and a positive response to the new Galaxy S24 smartphones likely contributing to solid profits in the mobile business.