Samsung’s Q1 2024 financial report has tons of consumer tech Easter eggs

If you haven’t heard, Samsung Electronics reported an operating profit of KRW 6.61 trillion (~S$8.97 billion) for its first quarter, which ended on 31 March 2024.

Samsung attributes the profits to its recovering Memory Business, and its higher-than-usual earnings of Mobile eXperience Business (smartphone division), as well as Visual Display (panels) and Digital Appliances (smart home appliances).

Also hidden between the lines of its financial reporting are interesting forward-looking statements that hint at the direction of Samsung’s consumer-facing products. The details clue us in on what the company is focusing on making for its users and fans in the coming months or years.

Here’s a summary of all the interesting tech tidbits we found.

Memory and storage will be bolstered by demand for generative AI

In reporting its Memory Business’s successes, Samsung believed it could continue to see good tidings well into H2 2024  because of the demand for AI servers, associated cloud services, and other high-value memory-type products. This is despite “volatility” in “macroeconomic trends” and “geopolitical issues”, which is corporate-speak for thin-skinned politicians wearing hats too big for their heads.

The company expects to start mass production of V9 NAND, the 9th generation of flash memory with 50% more bit density. This technology helps create SSD storage for devices, adding to Samsung’s confidence in this business arm.

Semiconductor arm focuses on smartphone mobile imaging sensors

The increased demand from other phone manufacturers has prompted Samsung to supply more 50-megapixel “products” to “global customers” within its system semiconductor business arm (System LSI). 

This means we will likely see more phone brands using Samsung’s imaging sensors for smartphone photography and videography, especially in the flagship category.

Bendy displays?

Samsung SDC (better known as the Samsung Display business division) said it plans to focus on the “competitiveness” of its flexible displays with low power consumption and improved durability in H2 2024. It also plans to “boost its IT and automotive businesses” to expand into more use cases.

Galaxy S24 hard-carrying profit

Samsung said the Galaxy S24 series (our Galaxy S24 Ultra review here) saw strong sales, which aligns with other firms' market research findings. For the first quarter, it saw KRW 3.51 trillion in operating profit, a significant chunk of the parent company’s operating profit mentioned above.

Samsung noticed that Galaxy AI features are seeing high usage rates, especially Circle To Search. Here’s an explanation of how the AI feature works on Samsung phones.

Without a major phone launch in the following quarter, Samsung expects smartphone demand to normalise. However, It expects H2 2024 to see a rebound, but the company did not attribute it to another flagship launch (yet). It cited the expansion of AI products and services as a key player in its future.

For wearables, the Galaxy Ring gets a special mention, and Samsung said there will be “new premium models” for smartwatches.

One challenge the mobile division faces is rising costs, as smartphone components increase in complexity and price. Despite that, Samsung said it will continue to invest in R&D to refine its smartphone AI experience.

If you’re more interested in the Korean company's finances, you can read its summarised press statement here. 

Source: Samsung (newsroom)

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