Samsung reports 53% jump in profit despite supply chain woes

the latest tech news, global tech news daily, tech news today, startups, usa tech, asia tech, china tech, eu tech, global tech, in-depth electronics reviews, 24h tech news, 24h tech news, top mobile apps, tech news daily, gaming hardware, big tech news, useful technology tips, expert interviews, reporting on the business of technology, venture capital funding, programing language

Samsung reports 53% jump in profit despite supply chain woes
© Jung Yeon-je Pandemic-driven working from home has boosted demand for devices powered by Samsung’s chips, as well as home appliances such as televisions and washing machines

South Korean tech giant Samsung Electronics said Thursday its operating profit rose 53.3 percent in the fourth quarter of 2021, as record sales helped overcome pandemic-induced supply chain challenges.

the latest tech news, global tech news daily, tech news today, startups, usa tech, asia tech, china tech, eu tech, global tech, in-depth electronics reviews, 24h tech news, 24h tech news, top mobile apps, tech news daily, gaming hardware, big tech news, useful technology tips, expert interviews, reporting on the business of technology, venture capital funding, programing language

The world’s biggest smartphone maker said its operating profit rose to 13.87 trillion won ($11.55 billion) for the October-December period in 2021, up from nine trillion won in the same quarter the previous year.

Thanks to high memory chip prices and strong consumer demand, Samsung had its highest annual sales of 279.6 trillion won in 2021, an 18 percent jump from a year earlier, the company said in a regulatory filing.

Global Tech News Daily

Samsung achieved “record sales thanks to competitive products, despite continuing uncertainty,” the tech giant said in a statement, singling out solid demand for its premium smartphone lines.

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

Global Tech News Daily

Pandemic-driven working from home has boosted demand for devices powered by Samsung’s chips, as well as home appliances such as televisions and washing machines.

The world’s biggest memory chip maker, Samsung Electronics has aggressively stepped up investment in its semiconductor business as the world battles chip shortages that have hit everything from cars and home appliances to smartphones and gaming consoles.

The global chip supply shortage is expected to persist well into the new year, analysts have said.

– Growing demand –

“In the Memory Business, demand is expected to grow as enterprises ramp up IT investments while the Company will expand supply of high-performance products,” Samsung said.

In November Samsung announced a new microchip factory in Texas, a $17 billion investment. The plant is expected to be operational by the end of 2024.

Samsung is also investing in the development of advanced technologies such as artificial intelligence and robotics, as well as 5G and 6G communications.

Park Sung-soon, an analyst at Cape Investment & Securities, said that memory chip prices were likely to decline in the first half of 2022. 

“Samsung’s profit is likely to dip for the January-June period. But we also expect chip prices to turn around in the second half, giving a boost to company profits,” he said. 

“We had forecast around a 10 percent fall in chip prices in the first months of 2022 but it appears now that the decline scope will be smaller with solid demands for PCs and improved supply chains.”

Consumer demand for high-end products, such as foldable phones, also helped to further boost profits around the holiday season.

Samsung said it expected the smartphone and premium television market to grow in the third year of the pandemic, though it anticipated sustained “uncertainties triggered by COVID 19 and supply and logistics issues”.

Operating profits generated from Samsung’s semiconductor business accounted for over 63.7 percent of the Q4 total, illustrating the major role the division plays in the sprawling group.

Samsung’s operating profit from the semiconductor division stood at 8.8 trillion won for the October-December period.

Samsung Electronics is the flagship subsidiary of the giant Samsung group, by far the largest of the family-controlled empires known as chaebols that dominate business in South Korea.

The conglomerate’s overall turnover is equivalent to around one-fifth of South Korea’s gross domestic product.

Samsung Electronics’ record sales last year came as Lee Jae-yong, the firm’s vice-chairman and the de facto leader of the wider Samsung conglomerate, returned to management on parole release from prison last August. 

Lee had spent over half of a two and a half year sentence for bribery, embezzlement and other offences in connection with a corruption scandal that brought down ex-South Korean president Park Geun-hye before his release.   

His return to management has eased concerns over decision-making at Samsung.

kjk/ceb/dva

News Related

OTHER NEWS

New York Rangers get another comeback win to force Game 7 vs. Pittsburgh Penguins

PITTSBURGH — How many times can the New York Rangers dig themselves into a hole and climb back out? At least one more, as of Friday night. The Blueshirts came ... Read more »

Wilson, balanced Aces cruise to 96-73 victory over Dream

COLLEGE PARK, Ga. (AP) — A’ja Wilson scored 15 points, Kelsey Plum had 14 points and 11 assists and the Las Vegas Aces rolled to a 96-73 victory over the ... Read more »

EXPLAINER: Why frustration lingers in Okinawa 50 years later

The Associated PressFILE – U.S. Marine Corps Sgt. Mike Anglen of Turner, Ore., center, stands atop a cliff as Sgt. Bryan Wallace of Pikin, Ill., waits for his turn before ... Read more »

Astros beat Nationals 6-1 for 11th straight victory

WASHINGTON (AP) — Jose Altuve homered on the first pitch of the game, Yordan Alvarez and Yuli Gurriel also went deep and the Houston Astros extended their winning streak to ... Read more »

Kreider scores late, Rangers edge Pens 5-3 to force Game 7

PITTSBURGH (AP) — Chris Kreider’s long slap shot bounced over Louis Domingue and into the net with 1:28 left and the New York Rangers beat the Pittsburgh Penguins 5-3 on ... Read more »

Astros push winning streak to 11, roll past Nationals 6-1

WASHINGTON (AP) — Jose Altuve homered on the first pitch of the game, and Yordan Alvarez and Yuli Gurriel also went deep to help the Houston Astros extend their winning ... Read more »

Moustakas, Drury power Reds to 8-2 victory over Pirates

PITTSBURGH (AP) — Mike Moustakas homered twice and Brandon Drury drove in four runs to break out of a slump and lead the resurgent Cincinnati Reds to an 8-2 victory ... Read more »

Peterson's bases-loaded walk lifts Brewers over Marlins 2-1

MIAMI (AP) — Jace Peterson walked against Anthony Bender with the bases loaded in the ninth inning and the Milwaukee Brewers beat the Miami Marlins 2-1 Friday night. After starters ... Read more »

Padres: No cancer found during manager Bob Melvin's prostate surgery

SAN DIEGO (AP) — The San Diego Padres say no cancer was found when manager Bob Melvin had prostate surgery on Wednesday. Melvin, 60, was recovering at home Friday after ... Read more »

Ogunbowale, Gray help Wings rally past Mystics, 94-86

WASHINGTON (AP) — Arike Ogunbowale scored 27 points, Allisha Gray had 21 and the Dallas Wings overcame a 15-point second-quarter deficit to beat the Washington Mystics 94-86 on Friday night. ... Read more »

Resigning North Dakota senator led lawmakers in travel costs

The Associated PressFILE – North Dakota Sen. Ray Holmberg listens during a joint House and Senate Appropriations Committee meeting at the Capitol in Bismarck, N.D., on Jan. 7, 2009. Holmberg, ... Read more »

Residents in picturesque California county hit with gas prices topping $7 a gallon

A California county known for its spectacular mountains and proximity to Yosemite National Park has been paying the nation’s highest gas prices. Read more »

Boudreau to return as coach of Canucks next season

VANCOUVER, British Columbia (AP) — Bruce Boudreau will return as coach of the Vancouver Canucks next season after helping to turn the struggling NHL club around as a midyear replacement. ... Read more »

New Zealand leader Jacinda Ardern tests positive for COVID

On Location: May 13, 2022 Catch up on the developing stories making headlines.The Associated Press WELLINGTON, New Zealand — New Zealand Prime Minister Jacinda Ardern has tested positive for COVID-19 ... Read more »

Today in History for May 14th

Highlights of this day in history: Colonists go ashore in Virginia to set up Jamestown; Lewis and Clark begin to explore Louisiana Territory; Israel founded; Skylab launched; Movie producer George ... Read more »

Twitter CEO expects Elon Musk acquisition to close, addresses spending cuts

Musk is awaiting details supporting calculations that spam, fake accounts represent less than 5% of Twitter's users Read more »

Padres: No cancer found during Bob Melvin's prostate surgery

SAN DIEGO (AP) — The San Diego Padres say no cancer was found when manager Bob Melvin had prostate surgery on Wednesday. Melvin, 60, was recovering at home Friday after ... Read more »

Renovated NYC museum shows indigenous perspectives

The American Museum of Natural History in New York City recently finished a major renovation of its exhibition on the native peoples of the northwest coast of North America. Curators ... Read more »

Police release 911 calls in Gilgo Beach case

A woman who disappeared in a beach community on New York’s Long Island more than a decade ago, sparking an investigation into a possible serial killer, said “there’s somebody after ... Read more »

Academy Awards set 2023 Oscars for March 12

The Associated PressFILE – Oscar statue on the red carpet at the Oscars on Sunday, March 27, 2022, at the Dolby Theatre in Los Angeles. Next year’s Academy Awards will ... Read more »

Actor Fred Ward, of 'Tremors,' 'The Right Stuff' fame, dies

The Associated PressFILE – Fred Ward, a cast member in “30 Minutes or Less,” poses at the premiere of the film in Los Angeles on Aug. 8, 2011. Ward, a ... Read more »

Judge refuses to drop elections suit against Trump, media

NEW YORK — A Colorado judge on Friday denied motions to dismiss a defamation lawsuit filed by an election systems worker against former President Donald Trump’s campaign, two of its ... Read more »

Q&A: Becky G unveils every side of herself in latest album

The Associated PressFILE – Becky G appears at the Oscars in Los Angeles on March 27, 2022. Beck G’s latest album is “Esquemas.” (AP Photo/Jae C. Hong, File) NEW YORK ... Read more »

North Korea reports 21 new deaths as it battles COVID-19 outbreak

SEOUL, South Korea — North Korea reports 21 new deaths as it battles COVID-19 outbreak. Read more »

North Korea confirms 21 new deaths as it battles COVID-19

SEOUL, South Korea — North Korea says 21 people died and 174,440 people were newly found with fever symptoms on Friday alone as the country scrambles to slow the spread ... Read more »

White Sox place Giolito on COVID list, activate Vaughn

The Chicago White Sox placed ace Lucas Giolito on the COVID-19 injured list and activated outfielder Andrew Vaughn following a rehab assignment with Triple-A Charlotte on Friday. Giolito began experiencing ... Read more »

Traded back and forth, Ford learns to live out of suitcase

NEW YORK (AP) — Mike Ford has learned to travel light — and quickly. Since the start of the season, the 29-year-old first baseman has played for Tacoma, San Francisco ... Read more »

Falcon 9 rocket launches Starlink satellites

A SpaceX Falcon 9 rocket launched 53 Starlink satellites to low-Earth orbit from California on Friday. (May 13) Read more »

Celtics' Robert Williams remains out for Game 6 vs. Bucks

MILWAUKEE (AP) — Boston forward/center Robert Williams missed his third straight game with an injured left knee as the Celtics tried to keep their season alive Friday night in Game ... Read more »

Padres sign Robinson Canó, plan to use him off the bench

ATLANTA (AP) — The San Diego Padres have signed veteran second baseman Robinson Canó to a major league contract and plan to use him as a left-handed bat off the ... Read more »

WNBA star's Russia detention extended by 1 month

The lawyer for WNBA star Brittney Griner says her pre-trial detention in Russia has been extended by one month. Alexander Boykov told The Associated Press the relatively short extension indicated ... Read more »

Louisiana justices toss COVID-related charges against pastor

Hundreds of thousands of Americans fighting long-haul symptoms from COVID-19 Dr. David Putrino from Mount Sinai Health System and COVID long-hauler Joel Fram discuss the long-term effects of the disease.The ... Read more »

Sandy Hook lawsuits against Alex Jones on track to resume

The Associated PressFILE – This Tuesday, Dec. 11, 2018, photo shows radio show host and conspiracy theorist Alex Jones at Capitol Hill in Washington. The Sandy Hook families’ lawsuits against ... Read more »

Rockies' Bryant closer to return after cortisone shot

DENVER (AP) — Colorado Rockies outfielder Kris Bryant took swings in the cage Friday for the first time since he was sidelined with a sore back nearly three weeks ago ... Read more »

Mariners demote Jarred Kelenic to minors after poor start

NEW YORK (AP) — Rather than make his Citi Field debut against the team that traded him, Jarred Kelenic was demoted to Triple-A Tacoma by the Seattle Mariners on Friday ... Read more »

Biden: ASEAN partnership 'critical' in this moment

Looking to strengthen ties, President Joe Biden welcomes leaders from the Association of Southeast Asian Nations to Washington for the first time. “We’re launching a new era in U.S.-ASEAN relations,” ... Read more »

Phil Mickelson will not defend his title at next week's PGA Championship

Phil Mickelson caught lightning in a bottle last year at Kiawah Island, winning a major championship at 50 years of age. The fairways flooded, and the golf world stood and ... Read more »

Tennessee Titans' Malik Willis on Ryan Tannehill's mentorship comments: 'Everything is cool'

The Tennessee Titans didn’t take issue with Ryan Tannehill’s comments about mentoring third-round rookie Malik Willis. Willis and coach Mike Vrabel were asked about Tannehill’s scrutinized remarks following the first ... Read more »

Lawyers plan suit against Lufthansa over Jewish passengers

Lawyers for 26 passengers said Friday they told Lufthansa that they will sue the German airline for refusing to let members of a large group of Orthodox Jewish passengers board ... Read more »

Wild face offseason after yet another early ouster

While the Minnesota Wild were stacking up franchise records and securing the extra home game for the first round, general manager Bill Guerin carefully acknowledged a “great year” for the ... Read more »