Samsung forecasts a more than 1,400% increase in profits

In comparison to the same period the previous year, Samsung Electronics anticipates a 15-fold increase in earnings for the three months ending in June 2024.

A surge in artificial intelligence (AI) has increased the cost of sophisticated processors, raising the company's second-quarter projection.

The world's biggest manufacturer of memory chips, cellphones, and televisions is this South Korean electronics behemoth.

The company also revealed that its earnings for the first three months of this year increased by a factor of more than ten.

It stated that it expects its earnings to increase from 670 billion won last year to 10.4 trillion won ($7.54 billion; £5.9 billion) this quarter.

The flagship company of the South Korean conglomerate Samsung Group is Samsung Electronics.

The business might be subject to a three-day strike starting on Monday of next week. A more open system for bonuses and vacation time is what a union of workers is calling for.

This year's general market surge, which saw the US S&P 500 and Nasdaq reach new highs on Wednesday, was partly driven by optimism in artificial intelligence.

(Sources: bbc.co.uk)