2024-04-30 02:51:01 ET
Samsung Electronics Co Ltd (SSNLF)
Q1 2024 Earnings Conference Call
April 29, 2024, 21:00 ET
Company Participants
Daniel Oh - EVP & Head, Investor Relations
Jaejune Kim - EVP, Memory
Tommy Kwon - VP, System LSI
Taejoong Song - VP
Charles Hur - EVP, Samsung Display Corp
Daniel Araujo - VP, Mobile Experience
KL Roh - VP, Visual Display
Conference Call Participants
Sung Kyu Kim - Daiwa Securities
Sei Cheol Lee - Citigroup
Nicolas Gaudois - UBS
Gil-Hyun Baik - Yuanta Securities
Dongwon Kim - KB Securities
H. Kwon - JPMorgan Chase & Co.
Presentation
Operator
Good morning and good evening, everyone, and welcome to the Samsung Electronics 2024 First Quarter Financial Results Conference Call. I'll be your coordinator. [Operator Instructions].
Now I'd like to turn the conference over to Daniel Oh, EVP and Head of Investor Relations. Please go ahead.
Daniel Oh
Thank you, coordinator. Greetings, everyone, and welcome to Samsung Electronics' 2024 Fourth Quarter Earnings Call. Thank you for joining us today. For today's call, the following representatives from business units are participating. Starting with the EVP, Jaejune Kim representing Memory, VP Tommy Kwon for System LSI during the call for the first time for Foundry, VP Taejoong Song. For Samsung Display Corp, EVP Charles Hur. For the Mobile eXperience business, VP Daniel Araujo. And last but not least for VP -- Visual Display VP KL Roh. We also have other business representatives during the call to answer any questions if necessary for the Q&A session later.
Please also note that on Samsung Electronics Investor Relations website at www.samsung.com\global\IR, you can find our earnings press release and presentation deck which are intended to supplement our prepared remarks during today's call.
I want to remind you that some of the statements we'll be making during today's call are forward-looking based on the environment we currently see. They are subject to certain risks and uncertainties that may cause our actual outcomes to differ materially from those expressed in today's discussion. Our webcast of this call will be also archived on our website, and the information we are giving you on today's call is as of today's date.
First, I will start with our 2024 first quarter consolidated financial performance. Our revenue came in at KRW 71.9 trillion, 6% quarter-on-quarter thanks to strong sales of flagship Galaxy S24 smartphone series and the effects of higher ASPs in memory, led by improved memory market conditions. Our gross profit was KRW 26 trillion, up KRW 4.4 trillion sequentially, attributable mainly to improvements in the cost of goods sold in memory and the smartphone mix in the MX business. Gross margin was up 4.2 percentage points to 36.2%.
SG&A expenses increased KRW 0.6 trillion quarter-on-quarter to KRW 194 trillion, as R&D expenses increased. However, as a percentage of sales, SG&A expenses decreased by 0.8 percentage points to 27% due to the increase in sales. ...
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Samsung Electronics Co Ltd (SSNLF) Q1 2024 Earnings Call Transcript