Samsung Electronics expects its income for the three months to June 2024 to leap 15-fold in comparison with the identical interval final 12 months.
A synthetic intelligence (AI) increase has lifted the costs of superior chips, driving up the agency’s forecast for the second quarter.
The South Korean tech big is the world’s largest maker of reminiscence chips, smartphones and televisions.
The announcement pushed Samsung shares up greater than 2% throughout early buying and selling hours in Seoul.
The agency additionally reported a greater than 10-fold bounce in its income for the primary three months of this 12 months.
On this quarter, it mentioned it’s anticipating its revenue to rise to 10.4tn received ($7.54bn; Β£5.9bn), from 670bn received final 12 months.
That surpasses analysts’ forecasts of 8.8tn received, in accordance with LSEG SmartEstimate.
Optimism about AI is one cause for the broader market rally during the last 12 months, which pushed the S&P 500 and the Nasdaq in the US to new data on Wednesday.
Samsung Electronics is the flagship unit of South Korean conglomerate Samsung Group.
Subsequent week, the tech firm faces a doable three-day strike, which is anticipated to start out on Monday. A union of employees is demanding a extra clear system for bonuses and day without work.