Business

Samsung announces record profit despite supply chain woes

South Korean technology giant Samsung Electronics announced that its company profit increased by 53.3% in the fourth quarter of 2021, after the record increase in smartphone sales despite the chip and other supply problems experienced in the pandemic.

Samsung, the world’s largest smartphone maker, said its operating profit for the October-December 2021 period rose from 9 trillion won to 13.87 trillion won ($11.55 billion) compared to the same quarter of the previous year.

Highlighting the strong demand for premium smartphone lines, the tech giant said in a statement that Samsung “has achieved record sales thanks to competitive products, despite continued uncertainty.”

18% INCREASE COMPARED TO THE LAST YEAR

The South Korean company said Samsung had its highest annual sales of 279.6 trillion won in 2021, an increase of 18% from the previous year, thanks to high memory chip prices and strong consumer demand.

While the Covid-19 pandemic has wreaked havoc on the global economy, it has helped many tech companies explode.

Work from home due to the pandemic has also increased the demand for home appliances such as televisions and washing machines, as well as devices powered by Samsung’s chips.

The company, the world’s largest memory chip maker, has aggressively increased its investment in the semiconductor business as it grapples with the chip shortage that has hit everything in the world, from cars to home appliances to smartphones to game consoles.

Analysts said that the global chip supply shortage is expected to continue in the new year.

Source: NTV / Translated by Irem Yildiz

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