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Samsung Electronics' biggest workers' union in South Korea said on Tuesday it would begin a four-day strike from Thursday to pressure the company over higher wages and bonuses after talks with management fell through in July.

Samsung Electronics reported a 15-fold increase in operating profit in 2Q 2024, driven by the booming AI sector and strong semiconductor performance. Samsung plans to expand HBM production in 2H 2024, with HBM3E expected to dominate sales by Q4. Despite challenges in the mobile device business, Samsung launched new flagship foldable phones and AI-supported mobile accessories.

Samsung Electronics Co., Ltd. (OTCPK:SSNLF) Q2 2024 Earnings Conference Call July 30, 2024 9:00 PM ET Company Participants Daniel Oh - Head, Investor Relations Jaejune Kim - Executive Vice President, Memory Tommy Kwon - Vice President, System LSI Taejoong Song - Vice President, Foundry Charles Hur - Executive Vice President, Samsung Display Corp Daniel Araujo - Vice President, Mobile eXperience KL Roh - Vice President, Visual Display Conference Call Participants Sung-kyu Kim - Daiwa Securities Sei Cheol Lee - Citigroup Dong-Won Kim - KB Securities Dong-je Woo - Bank of America Giuni Lee - Goldman Sachs Jay Kwon - JPMorgan Securities Operator Hello, everyone, and welcome to the Samsung Electronics 2024 Second Quarter Financial Results Conference Call.

Patrick Chomet, an executive vice president at Samsung Electronics, speaks to CNBC's Arjun Kharpal.

Samsung: One Ring To Rule Them All? Not Quite, But There's Value Here

The union representing Samsung Electronics workers in South Korea has initiated an indefinite strike involving around 30,000 members, demanding better pay and benefits. The National Samsung Electronics Union (NSEU) announced the strike at the end of a three-day general strike, citing management's unresponsiveness.

CNBC's Melissa Lee reports on the latest news.

Samsung shares hit a three-year high on Friday after the South Korean tech giant forecast a 15-fold increase in its second quarter operating profit from the same time last year, as the global artificial intelligence boom buoys demand for advanced computer chips.

Samsung Electronics' union in South Korea said on Monday it would launch a general strike until its demands for better pay and time off were met.

Samsung Electronics is a leading developer of electronics, including smartphones, TVs, computers, and memory devices. The company's recent growth is expected to continue, driven by its advancements in AI technology and its leading market share in the global smartphone industry. Samsung's upcoming release of its 3nm GAA chip and potential partnership with Nvidia could further drive revenue growth and profits.