Samsung has announced its earnings estimates for the fourth quarter of 2021.
Samsung said on Friday in its latest earnings guidance it recorded 13.8 trillion ($11.4 billion USD) won in operating profit and 76 trillion won ($63.3 billion USD) in revenue during the fourth quarter of 2021, reads a new report from the Wall Street Journal.
It’s an increase of 52.5 percent and 23.5 percent, respectively, from the same time period a year prior.
The company didn’t say what affected its results, but it likely received a boost in demand for its chips as more people, forced to work from home during the coronavirus pandemic, have been buying up electronic gear and other goods. Samsung will report its final results later this month.
WSJ went on to state: “Samsung’s top-line boost reflects ongoing strength for chip makers that have enjoyed elevated demand during a long-lasting supply crunch. The company is considered a bellwether for the tech world as it is both a major electronics maker and components supplier to big tech firms including Apple and Sony.
“Samsung and many other chip makers have seen their revenues jump, as a pandemic-fueled surge in demand for all sorts of devices requiring semiconductors has created widespread shortages and a run up in prices.”
Samsung sells more phones and TVs than any other company, but it also has a huge business selling memory chips to device makers around the globe. In recent months, Samsung’s chip business has gotten a boost from data centers that rely on the technology to store everything we’re doing online.