ABC summary: Samsung's Q4 and full-year 2024 earnings call

The to-the-point summary of the Q&A at Samsung's most recent earnings call. I used AI to simplify questions, abridge answers, and bundle by key theme for accessibility and readibility.

Samsung Q4 & full-year 2024 earnings call analysis

Financial performance and outlook

Q: What were the key financial metrics for Q4 2024 and expectations for 2025?

• Revenue declined 4% QoQ to KRW 75.8 trillion

• Operating profit decreased by KRW 2.7 trillion QoQ to KRW 6.5 trillion

• Operating margin declined 3 percentage points to 8.6%

• Annual revenue reached KRW 300.9 trillion, second highest after 2022

Context: The financial results reflect ongoing challenges in the semiconductor business, though Samsung maintains strong market positions across divisions. The share repurchase program signals management's commitment to shareholder returns amid stock undervaluation concerns.

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Memory business trends

Q: What is the outlook for memory demand and pricing in 2025?

• Memory demand expected to start recovering from Q2 2025

• Mobile/PC inventory adjustments to continue through Q1

• AI infrastructure investments driving strong HBM demand

• DRAM ASP increased ~20% QoQ in Q4 2024

• HBM sales grew 1.9x QoQ with HBM3E exceeding HBM3 sales

Q: How is Samsung addressing competition in conventional DRAM?