Samsung SDS Announces Second-Quarter 2024 Financial Results

+ Achieved a revenue of KRW 556 billion in the cloud business, growing 25.1% YOY
+ The number of subscribers to the digital logistics platform Cello Square surpassed 14,800 companies

Samsung SDS unveiled its preliminary financial results for the second quarter of 2024, posting a revenue of KRW 3.369 trillion and an operating profit of KRW 220.9 billion.

Compared to the previous quarter, its revenue rose by 3.7% and operating profit fell by 2.2%. When compared to the same period last year, the revenue went up 2.4%, with a 7.1% increase in operating profit.

Revenue from the IT service business recorded KRW 1.5864 trillion, up 5% YOY. In particular, revenue from the cloud business amounted to KRW 556 billion, achieving a 25.1% YOY growth, thanks to an ongoing surge in demand.

Among the cloud businesses, the Samsung Cloud Platform (SCP) based cloud service provider (CSP) business witnessed continued revenue growth, driven by an increase in high-performance computing (HPC) services and the expansion of GPUaaS for generative AI.

The managed service provider (MSP) business is growing, mainly through cloud migration projects in the financial sector, as well as generative AI and data platform business. Additionally, revenue from Software-as-a-Service (SaaS) solutions, including Enterprise Mobility Management (EMM), has increased as well.

The logistics business recorded a 0.1% YOY revenue increase to KRW 1.7826 trillion.

The revenue of the digital logistics platform Cello Square, which has evolved into a major pillar in intelligent supply chain management (SCM), was KRW 284.9 billion, with its number of subscribers surpassing 14,800.

Samsung SDS will continue its active development of the generative AI service business for enterprise customers in the second half of this year through the generative AI service platform FabriX, a business hyperautomation accelerator, and Brity Copilot, a solution deploying generative AI for intellectual tasks that are conducted in common business processes, such as email, video conferencing, and messaging.