Samsung Elec says demand to recover in 2022, but supply chain challenges persist -Breaking
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© Reuters. FILEPHOTO: Samsung Electronics’ logo can be seen on its Seoul office building, South Korea South Korea October 11, 2017. REUTERS/Kim Hong-JiJoyce Lee, Heekyong Yang
SEOUL (Reuters) – Samsung Electronics Co Ltd (OTC) on Thursday predicted a rise in global demand of tech devices by 2022. The company reported its largest fourth-quarter profit for four years and warned about ongoing supply chain challenges.
The world’s biggest memory chip maker and smartphone manufacturer saw a 53% increase in fourth quarter profit, thanks to brisk memory chips sales and better margins from chip contract manufacturing.
The company reported that October-December’s operating profit was 13.9 trillion won (or $11.6 billion), up from the 9 trillion won last year. This is in keeping with its earlier estimate of 13.8 trillion won.
Net profit increased by 64%, to 10.8 trillion won. Record revenue rose by 24%, to 76.6 trillion won.
Still, despite reporting record quarterly revenue and an on-year jump in operating profit, analysts said the profits were lower than the market had expected due to conservative shipments of memory chips, R&D costs and one-off year-end bonuses.
($1 = 1,197.0300 won)
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