Impressive Growth Amidst Challenges

Samsung Electronics Co. has announced a significant 12% annual increase in its fourth-quarter revenue for 2024, reaching a total of 75.8 trillion won (approximately $52.5 billion). This remarkable growth comes despite facing soft market conditions, particularly in the IT sector, and increased expenditures including research and development.

Financial Highlights

The company's operating profit for the quarter stood at 6.5 trillion won (about $4.5 billion), a notable increase from last year's 2.82 trillion won, though it represents a 30% decrease from the previous quarter's 9.18 trillion won. Net profit was reported at 7.8 trillion won. For the entire fiscal year of 2024, Samsung achieved a record annual revenue of 300.9 trillion won, marking a 16% increase, with an operating profit of 32.7 trillion won.

Looking Ahead

"Despite the quarter-on-quarter decrease in revenue and operating profit, our annual revenue has reached the second-highest on record, only surpassed in 2022. The decline in operating profit by KRW 2.7 trillion QoQ was primarily due to challenging market conditions, especially for IT products, and increased expenditures," stated Samsung in their announcement.