Samsung Electronics has announced a record operating profit of $14.5bn during the fourth quarter of 2017, thanks in part to strong demand for its memory chips used in data centres and smartphones.
The Korean electronics manufacturer saw a 64.3 per cent increase in revenue when compared to the $8bn it brought in during Q4 2016. Samsung credited its record fourth-quarter earnings to its semiconductor business which saw strong demand for its memory chips. The company was also able to overtake Intel as the world's top semiconductor supplier last year.
Samsung posted an operating profit of $50bn for the whole of 2017 as it dealt with the scandal surrounding its Vice Chairman Jay Y. Lee being found guilty of bribery and embezzlement along with the sudden resignation of CEO Kwon Oh-hyun.
The company's semiconductor division drove sales for the year as did its display division an operating profit of $1.3bn which was boosted by exclusive orders for the OLED displays found in Apple's iPhone X. However, Samsung's mobile division has not been its top earner for some time and increased marketing costs during the holiday season affected its earnings.
The company's mobile business had an operating profit of $2.25bn during Q4 2017 which was down from $2.3bn during the same period a year ago. Samsung's high-end devices such as the Galaxy Note 8 saw increased shipments worldwide though its low-end phones saw a decrease in shipments.
The company's mobile division may be set to bounce back though as the firm prepared to unveil its next flagship device, the Galaxy S9 on February 25th.
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