Samsung profits jump by more than 900% on chips

According to recent reports, Samsung Electronics has seen a significant increase in profits, with a more than 900% jump in earnings thanks to strong demand for its semiconductor chips.

The South Korean tech giant announced that its operating profit for the first quarter of this year was 9.3 trillion won (approximately $8.5 billion), marking a substantial increase from the same period last year.

This surge in profits has been largely attributed to the boom in demand for Samsung’s memory chips, used in a variety of electronic devices including smartphones, computers, and data centers.

Analysts believe that this trend is likely to continue, as the global chip shortage shows no signs of abating and the demand for electronic devices remains high.

Overall, Samsung’s strong performance in the semiconductor sector has helped the company weather the challenges posed by the COVID-19 pandemic and positioned it as a key player in the global technology market.