Samsung Reports 53% Jump In Profit Despite Supply Chain Woes

International Business Times 

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 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. 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.

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