Samsung’s Q2 2024 profits surge 15X on strong chip sales


Samsung has reported its earnings for Q2 2024 that ended June 30, 2024 in which the company posted 74.07 trillion won (USD 53.87 billion approx.) consolidated revenue, up 23.42% YoY, and up 2.98% QoQ.

It made an operating profit of 10.44 trillion won (USD 7.59 billion), up 1458.2% YoY, as the favorable memory market conditions drove higher average sales price (ASP), while robust sales of OLED panels also contributed to the results, according to the company.

Samsung MX (Mobile eXperience) in Q1 2024

The MX and Networks businesses posted 27.38 trillion won in consolidated revenue, up 7% YoY.  The division posted 2.23 trillion won in operating profit, down 26.6% YoY and 36.46% QoQ.

The smartphone market demand decreased sequentially in the seasonally weak quarter, particularly in the premium segment, said the company.

Sales declined largely due to the base effect of launches of new models in the first quarter. However, the S24 series continued to see strong sales and achieved double-digit growth YoY in both shipments and revenue for 2Q and 1H, said the company.

Profitability declined slightly in the quarter from rising prices of key
components, but Samsung said that it kept it in the double digits for 1H despite persistent pressure.

Samsung MX Q3 2024 expectations

In the second half of 2024, overall demand for smartphones is expected to increase year-on-year, with increased demand for premium products being driven by growing demand for AI and the launch of new products with innovative features.

Samsung plans to drive revenue growth by expanding sales of flagship smartphones and ecosystem products. In foldable, the company will enhance the durability, battery life, and camera and promote the Galaxy AI experience, thus solidifying our global leadership.

Samsung expects S24 series to maintain its growth momentum on the back of sustained marketing efforts. It added that it will provide the Galaxy AI experience in tablets, starting with the Tab S9 series, and continue the momentum in premium sales.

In wearables, Samsung expects to target the super-premium segment with the release of Watch Ultra; and offer innovations in TWS and advanced health experiences with the Galaxy Ring.

“Overall, we will strive to secure solid profitability through optimizing product specifications, including component communization and standardization, and pursuing operational efficiencies,” said the company.


Author: Srivatsan Sridhar

Srivatsan Sridhar is a Mobile Technology Enthusiast who is passionate about Mobile phones and Mobile apps. He uses the phones he reviews as his main phone. You can follow him on Twitter and Instagram