Samsung sees profits increase 10-fold as chips business rebounds

In its mobile business, Samsung likely reported a solid profit after launching sales of its new flagship Galaxy S24 smartphones in late January

The South Korean company is expecting profit between January and March to be 931% higher than the same period last year. 

Electronics giant Samsung has estimated its operating profit for the first three months of the year would rise 10-fold as chip prices start to rebound from a severe downturn due to a boom in artificial intelligence.

While this topped marked expectations, the company’s guidance was not enough to cheer investors, who sent Samsung shares down 1.3% early on Friday, as they await updates on progress in its high-end memory chip business that has been lagging behind rivals.