Samsung Electronics has forecast a surge in second-quarter earnings, expecting a 15-fold increase in operating profits.

The South Korean tech giant said in its preliminary earnings report on Friday that it is likely to post ten-point-four trillion won in operating profits in the second quarter, up one-thousand-452 percent from a year earlier. 

It marks the first time in seven quarters Samsung will see its operating profits surpass ten trillion won. The second quarter figure is also larger than the firm’s operating profits for the whole of 2023. 

Sales are expected to reach 74 trillion won in the April-June period, up 23-point-31 percent from a year earlier. 

The earnings guidance for the second quarter significantly exceeds market expectations. 

Samsung's surge in earnings is attributed to higher prices and brisk demand for powerful computing chips amid the artificial intelligence boom.