(TheConservativeTimes.org) – Samsung Electronics has reported a fifteen-fold increase in its operating profit for the second quarter of this year. This is mainly due to a strong demand for memory chips used for artificial intelligence. The company also gave credit to organic light-emitting diodes or OLED panels as this contributed to more revenue for the business as well.
The company said in a statement that its operating profit for the quarter was over ten trillion won; at the same time last year, they were at a little under seven hundred billion won. Samsung stated that their revenue went up by twenty-three percent and it now sits at above seventy trillion won.
The company stated that an increase in sales prices due to favorable market conditions has also helped their revenue and an increase in financial flow throughout their business.
The Samsung release stated, “Driven by strong demand for HBM (high bandwidth memory) as well as conventional DRAM and server SSDs (solid state drives), the memory market as a whole continued its recovery.”
“This increased demand is a result of the continued AI investments by cloud service providers and growing demand for AI from businesses for their on-premise servers,” it continued.
The technology giant spoke out saying that a larger portion of the market will be taken up by artificial intelligence servers. Cloud service providers and enterprises are looking to expand their artificial intelligence investments, leaving Samsung to take over more of that artificial intelligence market as its increase in popularity continues.
Copyright 2024, TheConservativeTimes.org
