HomeNewsTechnologySamsung expects income to soar with increase from AI

Samsung expects income to soar with increase from AI


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Samsung Electronics expects its income for the three months to June 2024 to leap 15-fold in comparison with the identical interval final yr.A synthetic intelligence (AI) growth has lifted the costs of superior chips, driving up the agency’s forecast for the second quarter.The South Korean tech large 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 yr.On this quarter, it stated it’s anticipating its revenue to rise to 10.4tn received ($7.54bn; £5.9bn), from 670bn received final yr.That surpasses analysts’ forecasts of 8.8tn received, based on LSEG SmartEstimate.Optimism about AI is one motive for the broader market rally during the last yr, which pushed the S&P 500 and the Nasdaq in america to new information on Wednesday.Samsung Electronics is the flagship unit of South Korean conglomerate Samsung Group.Subsequent week, the tech firm faces a potential three-day strike, which is predicted to start out on Monday. A union of employees is demanding a extra clear system for bonuses and day without work.

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