Samsung's First-Quarter Profit Soars 931% on Memory Chip Price Rebound

Samsung Electronics expects a 931% increase in first-quarter operating profit, driven by a rebound in memory chip prices. The company anticipates a 11.4% rise in revenue, exceeding market estimates. Analysts attribute the strong earnings to memory price hikes and robust sales of the S24, with expectations for a strong AI-driven memory upturn cycle in 2024-25. The rebound follows a period of weak demand and excess inventories post-Covid, signaling a bottoming out of memory chip demand weakness.