SEOUL, Jan. 27 (Yonhap) -- Samsung Electronics Co. on Thursday reported strong fourth-quarter earnings on the robust performance of its mainstay semiconductor business.
Net profit rose 64.04 percent from a year earlier to 10.8 trillion won (US$9 billion) in the October-December period, the world's largest memory chip and smartphone vendor said in a regulatory filing.
Operating profit jumped 53.3 percent to 13.8 trillion won, the highest fourth-quarter operating profit since 2017.
Sales hit a quarterly record of 76.5 trillion won, up from 61.5 trillion won from a year earlier.
On a quarterly basis, Samsung's operating profit was down 12.3 percent from the third quarter due to one-off costs, including employee bonuses. Sales were up 3.5 percent.
The company's strong performance was powered largely by strong demand for server memory chips, a smaller-than-expected decline in DRAM and NAND prices, and improved profitability of its chip contract manufacturing, or foundry, business.
The component shortage appears to have also eased in the fourth quarter, contributing to bigger smartphone shipments estimated to be around 67 million in the October-December period, up around 7 percent from a year earlier, according to Counterpoint Research.
(News Focus) No parcel day: Why S. Korean delivery workers are taking a day off on Aug. 14
Advertising controversy grips S. Korean mukbang YouTubers
Seoul's last-ditch home supply plan still in doubt over its viability
Korean foodmakers ramp up overseas push amid COVID-19 pandemic
Bumpy road lies ahead for Samsung, even after heir avoids detention