Samsung Electronics Co. said Thursday its first-quarter net profit surged more than fivefold from a year earlier, driven by robust demand for high-end memory chips used in artificial intelligence (AI) applications.
Net profit for the three months ended March jumped to 47.22 trillion won (US$31.8 billion) from 8.22 trillion won a year earlier, the company said in a press release.
Operating profit jumped more than eightfold to 57.23 trillion won from 6.68 trillion won over the same period, while sales climbed 69.2 percent to 133.87 trillion won from 79.14 trillion won.
"The record quarterly operating profit and sales were primarily driven by robust sales of high-margin AI chips and rising memory prices in the device solutions division," the company said.
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