Samsung shares jump to three-year high, supported by positive expectations

Samsung shares jumped to the highest level since January 2021, after the South Korean company revealed that it expects to record profits higher than expectations for the second quarter. The stock rose by about 2.24% at the beginning of Friday’s session and reached levels of $62.73

The company said revenues will range between 73 trillion and 75 trillion won for the second quarter, compared to 60.01 trillion won a year ago. These numbers are in line with LSEG analysts’ expectations that Samsung’s revenues will reach levels of 73.7 trillion won.

As for the company’s operating profits, Samsung expects to record 10.4 trillion won ($7.54 billion) for the fiscal quarter ending in June, which represents a jump of about 1,452% from the levels of 670 billion won recorded a year ago.

The business of the world’s largest memory chip company rebounded with prices recovering, supported by optimism about artificial intelligence, last year.

Samsung suffered record losses in 2023, amid the company’s suffering with the repercussions of the Corona pandemic on demand for electronics and memory chips.

Samsung supported the Galaxy S24 Ultra phone with features for editing photos and searching for products using artificial intelligence.