Samsung unveils stock split, record profits

Todd Singleton
February 2, 2018

Operating profits were also undercut by approximately 660 billion won due to the won's appreciation against the dollar and other major currencies, it added. It also surprised many on Wall Street as Samsung has ignored calls from investors to split their shares. They closed up 0.2 percent.

The company says the outlook for 2018 remains strong. Known as Application-Specific Integrated Circuit (ASIC) chips, these are specialised modules used in cryptocurrency mining rigs.

Samsung earned 15.15 trillion won (US$14.15 billion) in operating profit with its revenue standing at 65.98 trillion won in the fourth quarter past year.

For the full year, net profit was also a record at 42.19 trillion won, up 85.6 percent on 2016, on sales of 239.58 trillion won.

The chip business was Samsung's top earner last year, posting a record operating profit of 35.2 trillion won and more than doubling its profit on-year in the fourth quarter alone.

"Samsung's foundry business is now engaged in the manufacturing of crypto-currency mining chips", Samsung told the BBC.

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Cryptocurrencies are digital currencies that use encryption techniques for security and can be traded.

Led by a stellar fourth quarter, the company brought home an annual profit of US$50.2 billion, outstripping a record of US$34.4 billion reached in 2013. However it thought that the launch of the Galaxy S9 flagship smartphone next month should minimise any off-season weakness in demand during the first quarter. The company hasn't revealed much about their ASIC chip and details like its mining standard is under wraps.

Samsung Electronics announced today that its earnings for the October-December 2017 quarter were 66 trillion won or $61.6 billion, a 24 percent increase compared to the same period in 2016.

Local investment agencies forecast on February 1 that Apple's disappointing iPhone X sales would weigh down on Samsung Electronics' display business.

The tech giant said that the IT and Mobile Communications division, which covers smartphones, posted an operating profit of 11.83 trillion won in 2017, the highest since 2014, when the comparable figures came to 14.56 trillion won.

Other reports by Free-Prsite

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