Thursday, May 13, 2021

Samsung Boosts Profits Despite Declining Smartphone Sales

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Samsung increased profits of 26.4% for its fourth quarter despite an 11% drop in smartphone sales from a year ago, the company said. For the full year 2020, amid a pandemic, it saw its revenue and profits rise to 236.81 billion won ($ 211.5 billion) and 35.99 billion won. ($ 32.1 billion), increases of 29.6 and 2.78%, respectively.

Fourth quarter results were primarily driven by its memory and display business, with the latter marking a record quarter in terms of revenue. Samsung attributed this to strong demand from smartphone makers, possibly thanks in part to the OLED panels supplied to Apple for its iPhone 12 lineup. Apple itself reported record revenue of $ 111.4 billion. this quarter thanks to iPhone 12 sales, doubling the 61.55 trillion won ($ 54.98 billion) in revenue earned by Samsung in the fourth quarter.

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