Earnings surge for Samsung Electronics on huge chip profit

Samsung Electronics has reported a surge in quarterly earnings thanks to its record-breaking chip business.

The South Korean company said Wednesday that its October-December earnings jumped 74 percent to 12 trillion won ($11.2 billion), compared with 6.9 trillion won a year earlier.

Sales and operating profit also rose in line with Samsung’s earlier guidance.

Samsung’s flagship semiconductor business continued making record-high profits. The division, which supplies chips that help data centers, servers, mobile devices and computers save data and run multiple programs rapidly, generated 10.9 trillion won in operating income during the quarter on sales of 21.11 trillion won, an unusually lucrative record for a manufacturing company.

Profits have not suffered from the vice chairman’s bribery conviction. Company heir Lee Jae-yong is waiting for an appeal ruling next week.

Source.