Samsung Q4 operating profit grows more than 63%

Samsung Q4 operating profit grows more than 63%

The company estimated operating profits of 15.1 trillion won ($14.1 billion) in the October to December period, an all-time high for quarterly profits and almost double the 9.2 trillion won posted a year earlier.

Samsung Electronics said on Tuesday that it expects a 64 percent jump in fourth-quarter operating profit, taking the figure to a new record, but the guidance fell short of market expectations.

The results were below analysts' expectations.

For all of 2017, the South Korean tech giant raked in an operating profit of 2.4 trillion won, marking the second-highest performance ever posted by the firm.

Tech shares had a bearish day ahead of the earnings season as analysts raised concerns over the impact of a stronger won and lower chip prices on major exporters.

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Revenue hit a new yearly high of 239.6 trillion won (224.8 billion USA dollars) in 2017, surpassing the previous high of 228.69 trillion won (214.5 billion US dollars) in 2013. The tech giant is expected to elaborate on the results in its finalized report, which will be delivered later this month. For comparison, the company "only" made 29 trillion won (around $27 billion) in 2016. The local currency has been appreciating for months amid the global trend of the weakening US greenback.

Revenue was estimated to have increased 24 percent to 66 trillion won, against analysts' average forecast of 66.8 trillion won.

"The first-quarter operating profit is expected to stand at around 15 trillion won", Lee said in a report before Samsung's announcement. Samsung is said to be working on a folding smartphone set ...

LG did not offer a net profit estimate for the fourth quarter, nor breakdowns for each segment.

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