Samsung expects to increase its profits by 900%

(CNN) — Samsung Electronics said it expects to achieve a significant increase in its operating profits in the first quarter of the year, raising hopes for a strong post-crisis recovery. Lousy 2023.

The South Korean tech giant estimates that its operating profit will rise to 6.6 trillion KRW (US$4.9 billion) in the January-March quarter, compared to the 0.64 trillion won it earned a year earlier, according to a report. Results guide Posted on Friday. This forecast is higher than the FactSet estimate of 5.4 trillion won.

The world's largest memory chip manufacturer added that sales are expected to rise by more than 11% to 71 trillion won. He did not give further details.

The company is scheduled to announce its detailed results later this month.

These expectations come after Samsung recorded four consecutive quarters of declining profits due to weak demand for consumer devices and the chips it operates last year.

But the company is optimistic about this year, and said in January that it expects demand for mobile devices to rebound, especially with the introduction of new products such as smartphones powered by artificial intelligence.

The company also said it expects its chip business to recover this year “despite several potential headwinds, including interest rate policies and geopolitical issues.”