Samsung Electronics reported a record-breaking first quarter, with operating profits jumping over eight-fold and beating analysts' estimates.
The surge was primarily driven by the company's semiconductor business, which saw profits jump 48-fold. Higher chip prices and hefty margins resulted from an artificial intelligence boom that led to a supply crunch.
Net profit for the world's largest memory-chip maker surged nearly sixfold. Looking ahead, Samsung expects server memory demand to remain strong due to demand from hyperscalers.