Samsung Electronics expects its earnings to increase 15-fold in the three months to June 2024 compared to the same period last year.
The company's second-quarter earnings forecast has also been raised as the artificial intelligence (AI) boom pushes up prices for advanced chips.
South Korea's tech giants are the world's largest makers of memory chips, smartphones and TVs.
The announcement sent Samsung's shares up more than 2 percent in early trading in Seoul.
The company reported that its revenues had jumped more than tenfold in the first three months of this year.
It said it expected profit to rise to 10.4 trillion won ($7.54 billion, £5.9 billion) in the current quarter, up from 670 billion won last year.
According to LSEG SmartEstimate, this figure exceeds the KRW8.8 trillion forecast by analysts.
“We are currently seeing a surge in demand for AI chips in data centers and smartphones,” said Mark Einstein, senior analyst at Tokyo-based research and advisory firm ITR Corporation.
Optimism about AI is one of the reasons why the overall market rally last year was led by the S&P 500 and Nasdaq, which hit new records on Wednesday.
Chipmaker giant Nvidia's market capitalization topped $3 trillion last month, briefly making it the world's most valuable company.
“The AI boom that has driven Nvidia’s incredible growth is also driving Samsung’s revenue and, indeed, driving revenue for the entire industry,” Einstein added.
Samsung Electronics is a representative company of the Samsung Group, a large Korean conglomerate.
Next week, the tech company faces a three-day strike expected to start Monday, with workers' unions demanding a more transparent system for bonuses and vacations.
