January 27, 2022: Samsung Electronics' operating profit was up by 53.3 percent in the fourth quarter of 2021 driven by record annual sales, the company said in a regulatory filing Thursday.
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.
Samsung achieved “record sales thanks to competitive products, despite continuing uncertainty,” the tech giant said in a statement, citing solid demand for its premium smartphone lines.
While the coronavirus pandemic has wreaked havoc on the world economy, it has helped many tech companies boom.
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.
Consumer demand for high-end products such as foldable phones also helped to further boost profits around the holiday season.
“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.