Samsung Success: Record-high ASP, Revenue Growth, and Profitability
In a remarkable feat for Q1 2024, Samsung surged ahead, shipping 60.0 million smartphones and achieving a record ASP of $336 USD, propelled by the groundbreaking Galaxy S24 series.
In the first quarter of 2024, Samsung regained its position as the leader in the global smartphone market, surpassing Apple, with a total shipment of 60.0 million smartphones. Despite experiencing a slight 2% year-on-year decrease, Samsung's smartphones achieved the highest-ever average selling price (ASP) of $336 USD, marking the eleventh consecutive quarterly increase, primarily attributed to the popularity of the Galaxy S24 series.
Driven by a flagship-focused strategy, Samsung witnessed a 6% year-on-year growth in smartphone wholesale revenue, reaching $20B. Despite challenges posed by rising component prices, the company effectively managed manufacturing costs through supply chain optimization, maintaining a double-digit profit margin.
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