SEOUL, South Korea—Samsung Electronics (005930. KS) reported consolidated revenue of KRW 71.92 trillion (US$52 billion) for the first quarter ended March 31, up 13% year-on-year.
This was driven by strong sales of its flagship Galaxy S24 smartphones and higher memory chip prices.
Operating income increased to KRW 6.61 trillion (US$4.8 billion) as the memory business returned to profitability.
The company focused on high-value-added products such as HBM, DDR5, and server SSDs to meet demand from the server, storage, PC, and mobile segments.
The company's net profit was KRW 6.75 trillion (US$4.9 billion).
Samsung said its mobile business achieved revenue and profit growth despite an overall decline in smartphone market demand due to strong sales of the Galaxy S24 series with AI capabilities.
It plans to extend these AI capabilities to other flagship models.
In semiconductors, Samsung expects solid server demand in the second quarter, driven by the ramp-up of generative AI services.
It aims to mass-produce advanced HBM and DDR5 products and 3-nanometer and 2-nanometer technologies to capture AI-related opportunities.
The company's display panel unit saw profits in mobile displays decline due to increased competition, but losses in large displays narrowed as it launched QD OLED monitors.
However, the company warned of "continued volatility" related to macroeconomic trends and geopolitical issues, signaling potential headwinds ahead.
Shares of Samsung Electronics rose 1.68 percent immediately after the earnings release.
US$1=KRW 1,381.36
