We’ve been telling you that Samsung lost a ton of money after it was forced to pull the plug on the Galaxy Note7. Analysts expected the company to receive a $17 billion hit to its profits, while forecasting a grim 2024 outcome for Samsung.
However, Samsung managed to elude expectations once more and despite the massive Galaxy Note7 flop, announced it is expecting a massive increase in year-over-year operating profit in Q4 2024. The news is brought to us by Reuters.
According to the Korean tech giant, the company operating income is expected to reach approximately $10.3 CAD billion in the period mentioned above. The sum marks a 50% increase from the operating income reported in Q4 2024. It’s the highest operating income the company has seen since Q3 2024.
Mind you, all this profit doesn’t come from Samsung’s mobile unit. Strong sales in OLED screen panels and chipsets are actually to be thanked for this unexpected results.
Analysts reveal that the Korean tech giant’s chip business was responsible for bringing in approximately $5.02 CAD billion. The demand prompted investors to push Samsung’s shares up 43% last year, despite the grand Galaxy Note7 failure.
The report claims that Samsung’s mobile division is expected to rebound in Q4, compared to Q3 when the Note7 losses were registered. Samsung kept selling a healthy amount of Galaxy S7 and Galaxy S7 edge smartphones and with the Galaxy S8 incoming, things are bound to get better for the company.
However, Samsung did mention that Q4 2024 revenue saw a decrease of 0.6% from same time last year.
[REUTERS]
