Samsung Electronics has stated that it expects to report a significant increase in operating profit in the first quarter, raising optimism about a robust comeback from a dismal 2023.
According to earnings guidance given on Friday, the South Korean internet giant expects its operating profit to climb to 6.6 trillion Korean won ($4.9 billion) in the January-March quarter, up from 0.64 trillion won the previous year. The projection is greater than FactSet's consensus estimate of 5.4 trillion won.
The world's largest memory chip producer expects sales to increase by more than 11% to 71 trillion won. It didn't give any extra information.
The firm is scheduled to report comprehensive profits later this month.
The optimistic projection comes after Samsung reported four consecutive quarters of falling profitability last year, as demand for consumer gadgets and the processors that power them remained low.
However, the business is bullish for this year, stating in January that it expects a comeback in mobile device demand, particularly with the introduction of innovative goods such as AI-powered smartphones.
The company also expects its semiconductor business to rebound this year, "despite various potential obstacles, including interest rate policies and geopolitical issues," according to its statement.
This article was originally published on CNN.