Samsung shares hit over 3-year high after better-than-expected guidance on strong AI demand
What was Samsung's stock high on Friday morning?
Samsung's stock reached a high of 86,500 Korean won ($62.73) on Friday morning, a 2.24% increase from Thursday's closing price of 84,600 won. This surge followed the company's announcement of better-than-expected Q2 profits, driven by high demand for AI and increased memory chip prices.
How much did Samsung's operating profit increase year-over-year?
Samsung Electronics reported a 933% annual increase in first-quarter operating profits, fueled by chip price recovery from a post-pandemic slump and rising demand for artificial intelligence-driven products5. Operating profit soared by a whopping 933% year over year to $4.8 billion (6.6 trillion Korean won).
What drove Samsung's better-than-expected second-quarter profit?
Samsung's better-than-expected second-quarter profit was driven by a surge in memory chip prices due to increased demand for artificial intelligence2. The company's operating profit for the April to June quarter was approximately 10.4 trillion won, a 1,452% increase from the previous year.