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Samsung profit jumps 933% to $4.8 billion in Q1 2024, beating estimates

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Samsung has revealed its financial results for the first quarter of this year, a few weeks after revealing revenue estimates. The company revealed that its revenue rose 13% compared to Q1 2023, while its profit skyrocketed nearly 10x (933%) compared to the year earlier.

Samsung’s profit jumps nearly 10x in Q1 2024, thanks to strong memory and smartphone sales

In Q1 2024, Samsung’s revenue was KRW 71.92 trillion ($52.08 billion), while the operating profit was KRW 6.61 trillion ($4.78 billion). That’s 13% more revenue and 933% higher profit compared to figures from Q1 2023. This massive rise in profit is due to higher memory chip and smartphone sales. Its semiconductor memory chip business returned to profit after nearly a year of losses, thanks to a rise in memory chip prices. The company’s home appliances, smartphone, and TV divisions also posted higher earnings during the quarter.

Samsung Electronics Q1 2024 Earnings Revenue Profit

Smartphones

The company’s smartphone division (Samsung MX) generated revenue of KRW 33.53 trillion ($24.27 billion) and an operating profit of KRW 3.51 trillion ($2.54 billion). While the market demand for mid-range and high-end phones decreased, Samsung improved its revenue and profit due to impressive sales of the Galaxy S24. The company says it maintained “solid double-digit profitability” due to resource optimization.

Samsung expects smartphone and tablet sales to decline in Q2 2024. However, sales are expected to increase in the second half of this year as consumer sentiment could improve, especially in emerging markets. Samsung MX aims to ship more phones annually than it did in 2023.

The company plans to improve wearable sales through new models and form factors (like the Galaxy Ring) and confirms plans to launch premium smartwatches.

Semiconductor Chips

Samsung DDR5 DRAM 12nm 16Gb Chips

The Samsung Device Solutions division, which oversees the design and manufacturing of semiconductor chips, posted a revenue of KRW 23.14 trillion ($16.75 billion) and an operating profit of KRW 1.91 trillion ($1.38 billion). Thanks to the ongoing AI boom, sales of DDR5 memory, HBM memory, and server SSDs increased, while sales of UFS 4.0 storage chips increased largely due to higher demand from Chinese smartphone brands. Samsung says that the memory business will remain strong throughout Q2 2024.

The System LSI business, which designs camera sensors, smartphone processors, and other components, saw increased sales. However, improvements in earnings have taken longer than expected as Display Driver Integrated Chips (DDI) sales have slowed due to slow panel demand. Samsung also announced its plans to launch a new wearable processor based on advanced technologies.

Samsung Foundry 3nm Semiconductor Chip Wafer

Samsung Foundry, the company’s division that manufactures semiconductor chips, hasn’t seen an improvement in sales. However, the company is continuously improving its technologies. Its 4nm process node finally has stable yields, while the development of 2nm and 3nm processes is claimed to be moving ahead smoothly. Apparently, Samsung Foundry has seen its highest-ever order backlog in the first quarter. It plans to start the mass production of second-generation 3nm chips in the second quarter, likely for the next-generation Exynos chips that will be used in the Galaxy S25.

Home Appliances & TVs

Samsung S95D QD-OLED TV South Korea Unbox And Discover 2024 Event

The company’s home appliances and TV divisions posted revenue of KRW 13.48 trillion ($9.75 billion). Their operating profit reached KRW 0.53 trillion ($383 million) during the first quarter. The TV business posted higher profits compared to Q4 2023 despite weak TV sales globally, thanks to higher sales of premium models (Neo QLED TV, OLED TVs, and 75-inch or bigger TVs).

Demand for TVs is expected to remain weak in the second quarter, but sales are estimated to improve in the second half of the year.

Display Panels

Samsung QD-OLED Odyssey Gaming Monitor CES 2024

Samsung Display makes all kinds of display panels, including small and medium-sized OLED panels for laptops, smartphones, smartwatches, and tablets, as well as large-sized QD-OLED panels for monitors and TVs. This division’s sales were KRW 5.39 trillion ($3.89 billion), and its operating profit was KRW 0.34 trillion ($245 million).

While it supplied smartphone and tablet OLED panels to major customers, its performance dropped due to intense price competition from Chinese OLED firms. Since TV sales have been weak globally, Samsung improved sales by introducing QD-OLED monitor panels.

Harman International

Samsung Harman Digital Cockpit 2021 Smart Car Displays

Samsung owns Harman International, which makes AKG, Harmon Kardon, Infinity Audio, and JBL audio products. This division also develops and sells connected car equipment, which is increasingly being used these days. Its sales were KRW 3.2 trillion ($2.3 billion), while its operating profit was KRW 0.24 trillion ($173 million). Its performance declined slightly due to an off-season.

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Spain Wins Women’s World Cup for the First Time, Beating England 1-0

History was made in the FIFA Women’s World Cup 2023 as Spain won their first title after scoring 1-0 against England. With this victory, La Roja became the first team to simultaneously hold the senior, under-20, and under-17 world titles. Besides this, England’s defeat made the team the fifth winner in the nine editions of the Women’s World Cup.

For the Lionesses, this match marked the first attempt to bring the World Cup back to England since 1966. Unfortunately for them, Spain held the team back in front of over 75,000 spectators at the final in Stadium Australia. When asked what she thought about this, England Captain Millie Bright said though the final score was disappointing, she was proud the team got this far in the World Cup.

Before this game, the two nations had met 11 times. As a result, England had six wins while Spain only landed two, and the teams had three draws. So, it’s safe to say Spain’s victory at the Women’s World Cup was a huge surprise for fans everywhere. Below, we’ll review everything about this shocking turn of events, including the odds and predictions leading up to the match.

Odds and Predictions

From a sports betting perspective, the Women’s World Cup title has been a race between the two teams since the beginning of the knockout stage. As the quarterfinals approached, most sportsbooks listed England as the favourite, with the odds of around +240. That was before Spain beat the Netherlands during the quarters, catapulting its odds and making England the underdogs.

The odds didn’t remain like this for much longer, though. Once the Lionesses won against Colombia in the quarterfinals, they became the favourites again on most sports betting sites. The predictions kept going back and forth in favour of Spain and England, and by match time, La Roja was on top with odds of around +170 against England’s +175 in most sportsbooks.

How La Roja Won

In the intense game, La Roja’s Carmona scored the winning and only goal in the match in the 29th minute. In the semifinal between Spain and Sweden, she also scored in the 89th minute, earning the team a 2-1 win. These victories made her the first player to score in both the Women’s World Cup semifinal and final since Carli Lloyd achieved this in 2015.

Though England also had the winning potential, considering they had taken the European Championship title, they had a huge disadvantage. Three of the team’s best players, Beth Mead, Fran Kirdy, and captain Leah Williamson, had knee injuries, so they couldn’t join the World Cup squad. In celebration, Carmona raised her jersey to show the word “Merchi” written on her undershirt, a tribute to her previous school.

Spain Made History in the 2023 Women’s World Cup

Despite the controversy around La Roja last year, with fifteen players almost dropping out of the national team, the team took the World Cup home. The win marked their redemption after Spain went against England in the UEFA Euros quarter finals and lost by a 2-1 score. It also meant that the nation had joined Germany as the only two countries to win women’s and men’s titles in history.

To many fans, this was the definition of commitment and hard work. But this victory meant way more to the team, as was shown when the final whistle was blown, and the members danced behind their bench in front of thousands of flag-waving fans.