Despite the Note 7 disaster and chief being jailed, Samsung shined in 2017
Samsung has suffered some major losses over the last 18 months, including the Note 7 specter and vice chairman being jailed over bribery. But the South Korean tech mammoth recorded a huge win in 2017. The company made an operating profit of 53.6 trillion Korean won ($50 billion) approx, way up from the 29.2 trillion won ($27 billion) it made in 2016.
Samsung has recently announced Q4 2017 financial results, which track the company’s performance from October through the end of December. Samsung profited $14 billion during Q4, up from the $8.6 billion won profit in the same quarter in 2016.
Samsung has said that its growth was mainly propelled by its components business, particularly memory cards used in servers and mobile devices. Meanwhile, shipments for OLED screens have also increased, all thanks to Apple who is buying millions of screens for the iPhone X, though profitability on LCD displays was down. According to a company’s official statement,
“The OLED panel business will strengthen its competitiveness in the premium segment with the release of foldable panels, and focus on expanding new applications in areas such as automotive electronics by capitalizing on its technology and cost competitiveness. Samsung will continue its efforts to differentiate its smartphones by adopting cutting-edge technologies, such as foldable OLED displays.”
Meanwhile, Samsung is projecting an increase in revenue going into Q1 2018 following the launch of the Galaxy S9 next month.