(SEOUL) Samsung Electronics’ operating profit rose 53.3 percent in the fourth quarter of 2021 on record annual sales, the South Korean company said in a regulatory announcement Thursday.
Posted at 7:20 p.m.
Updated at 7:54 p.m.
The world’s smart phone leader reported operating profit of 13.87 trillion won (CDN 14.62 billion) for the period October to December 2021, up 9 trillion won (CDN 9.49 billion) from last year. quarter 2020.
Samsung achieved “record sales despite continued uncertainty over competitive products,” the mobile tech giant said, citing strong demand for its high-end smartphones.
While the coronavirus pandemic has wreaked havoc on the global economy, it has helped many tech companies soar.
Working from home, aimed at preventing the spread of the coronavirus, has spurred demand for devices with Samsung chips, as well as household appliances such as televisions and washing machines.
Demand for high-end products such as foldable phones also helped boost profits around the holiday season.
“In the memory business, demand is expected to increase due to increased enterprise IT investment as the company expands its high-performance product offering,” Samsung said.