Samsung announces record-shattering Q2 2024 profits indicating phone shipments may still be on the rise

Samsung Electronics just announced its earning guidance for the second quarter of 2024. The numbers are very high which puts the company on a five-quarter-long streak of increases in earnings (Q2 2023 to Q2 2024). Since falling to a historic low of 0.6 trillion won ($0.436 billion according to July 7, 2024 exchange rate) in the first quarter of 2023, Samsung Electronics has been recording improvements quarter after quarter.

The statement from Samsung Electronics indicates that it made 73 to 75 trillion won ($53 billion to $54.45 billion) from sales and recorded an operating profit of 10.3 to 10.5 trillion won ($7.48 billion to $7.62 billion) in Q2 2024. However, since regulations in Korea do not allow earnings to be disclosed as a range, Samsung had to approximate the figures to 74 and 10.4 trillion won respectively.

While we have no data on what the Korean company made most of its profits on, we do know that global phone shipments increased YoY in Q1 2024. Given that making phones represents a significant chunk of Samsung's activity, it's reasonable to make an assumption that phone sales around the world remain strong.

Listed below are Samsung's earnings for the last few years.

2024 (Q1 to Q2)

1. First quarter: revenue of 71 trillion won with an operating profit of 6.6 trillion won.
2. Second quarter: revenue of 74 trillion won with an operating profit of 10.4 trillion won.

2023 (Q1 to Q4)

1. First quarter: revenue of 63 trillion won with an operating profit of 0.6 trillion won.
2. Second quarter: revenue of 60.01 trillion won with an operating profit of 0.67 trillion won.
3. Third quarter: revenue of 67 trillion won with an operating profit of 2.4 trillion won.
4. Fourth quarter: revenue of 67 trillion won with an operating profit of 2.8 trillion won.

2022 (Q3 to Q4)

1. Third quarter: revenue of 76.78 trillion won with an operating profit of 10.85 trillion won.
2. Fourth quarter: revenue of 70 trillion won with an operating profit of 4.3 trillion won.

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