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Record-Breaking Revenue Growth
Samsung Electronics Co. has announced a significant increase in its fourth-quarter revenue for 2024, reaching 75.8 trillion won (approximately $52.5 billion). This represents a 12% annual growth, showcasing the company's strong performance despite challenging market conditions.
Operating and Net Profit Insights
The operating profit for the quarter stood at 6.5 trillion won (about $4.5 billion), a notable improvement from the previous year's 2.82 trillion won. However, it saw a 30% decrease from the last quarter's 9.18 trillion won. The net profit was reported at 7.8 trillion won, reflecting the company's resilience in a fluctuating market.
Annual Financial Overview
For the entire fiscal year of 2024, Samsung reported an impressive 300.9 trillion won in revenue, marking a 16% increase. The annual operating profit was recorded at 32.7 trillion won, highlighting the company's robust financial health and strategic investments in R&D and other areas.
Samsung attributed the quarter-on-quarter decrease in revenue and operating profit to softer market conditions, particularly for IT products, and increased expenditures, including research and development. Despite these challenges, the company's annual revenue was the second-highest on record, surpassed only by the figures from 2022.
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