Samsung Electronics’ operating profit in the second quarter of 2024 may increase 13 times compared to the same period in 2023. This is due to the fact that the demand for artificial intelligence technologies is contributing to the recovery of prices for memory chips. This was reported by Reuters.

According to LSEG SmartEstimate, based on the forecasts of 27 analysts, the company’s operating profit in the quarter ended June 30 could reach 8.8 trillion won ($6.34 billion).

If the forecasts come true, this will be Samsung’s highest operating profit since the third quarter of 2022. In the second quarter of last year, the company’s operating profit amounted to 670 billion won.

Experts estimate that the operating profit of Samsung’s chip division will be 4.6 trillion won, and the mobile business will be about 2.2 trillion won.

Earlier, Samsung reported that the company’s operating profit for the first quarter of 2024 increased by 932.8% to 6.61 trillion won (about $4.8 billion).