Samsung Electronics expects operating profits for the fourth quarter to soar 52.5 percent, the South Korean tech giant said in a statement on Friday, spurred by record sales.<\/p>\n
The worlds biggest smartphone maker forecast 2021 fourth-quarter operating profits at around 13.8 trillion won ($11.5 billion), up from 9.05 trillion won in the same quarter last year.<\/p>\n
The firm was boosted by record sales in the quarter, estimated at 76 trillion won, up 23.5 percent on-year, according to the statement.<\/p>\n
A spokeswoman told AFP annual sales in 2021 were also expected to be the highest ever.<\/p>\n
While the coronavirus pandemic has wreaked havoc on the world economy, it has helped many tech companies boom.<\/p>\n
Pandemic-driven working from home has boosted demand for devices powered by Samsungs chips, as well as home appliances such as televisions and washing machines.<\/p>\n
Analysts had also expected the firm to benefit from the traditionally lucrative holiday season.<\/p>\n
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.<\/p>\n
The conglomerates overall turnover is equivalent to around one-fifth of South Koreas gross domestic product.<\/p>\n
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Samsung Electronics forecasts 52.5% jump in Q4 profits on record sales - Macau Business<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Samsung Electronics expects operating profits for the fourth quarter to soar 52.5 percent, the South Korean tech giant said in a statement on Friday, spurred by record sales. The worlds biggest smartphone maker forecast 2021 fourth-quarter operating profits at around 13.8 trillion won ($11.5 billion), up from 9.05 trillion won in the same quarter last year. The firm was boosted by record sales in the quarter, estimated at 76 trillion won, up 23.5 percent on-year, according to the statement Continue reading