Samsung Electronics Co reported a substantial increase in Q1 operating profit, reaching 6.6 trillion won compared to 640 billion won the previous year.

Revenue also increased by 12.8 percent to 71.9 trillion won.

The semiconductor division recorded its first quarterly profit since 2022, with a 1.91 trillion won operating profit.

Samsung attributes the strong performance to the growth of artificial intelligence technologies and the recovery of the chip market.

Plans are underway to incorporate advanced AI features into the upcoming Galaxy S24 smartphones to drive sales.

The company expects the memory chip market to remain robust due to rising demand for AI capabilities.

Samsung secured up to $6.4 billion in funding from the Biden administration to build semiconductor factories in Texas.

Investments in cutting-edge 3nm and 2nm chip production technologies are in progress, targeting the production of 2nm chips by 2025 to support the growing AI industry.