Samsung Stock Hits Three-Year High on Profit Leaping 15-Fold
- Sector rebound fueled profit growth from a very low 2023 base
- Samsung continues to trail SK Hynix in high-bandwidth memory
Samsung Electronics Co. posted its fastest pace of sales and profit growth in years, reflecting a recovery in memory chip demand as AI development accelerates globally.
The world’s largest maker of memory chips and smartphones posted a 15-fold surge in operating profit to 10.4 trillion won ($7.5 billion) in the June quarter, outstripping analysts’ projections. Sales grew around 23%, the biggest rise since Covid-era highs clocked in 2021. The stock rose 3% to its highest since January 2021.