Samsung first-quarter profit up 10-fold on memory chip recovery

Samsung signage is seen in a store in Manhattan, New York City, U.S., November 22, 2021. REUTERS/Andrew Kelly/File Photo

SEOUL: Samsung Electronics reported on Tuesday a more than 10-fold rise in its first-quarter operating profit, as memory chip prices rose steeply from a severe downturn thanks in part to a boom in artificial intelligence.

The world's biggest maker of memory chips and TVs said operating profit rose to 6.6 trillion won ($4.8 billion) in January-March, up from 640 billion won a year earlier.

That was in line with Samsung's own estimate of 6.6 trillion won flagged earlier this month.

First-quarter revenue rose 13% to 71.9 trillion won, the company said. - Reuters