Samsung reports record 2017 profit, announces 50-1 stock split

Samsung reports record 2017 profit, announces 50-1 stock split
Riding what it called a memory chip "super-cycle,"  Samsung reported record profits for 2017 and said that memory chip sales should remain strong this year. For 2017, Samsung announced a record profit of 53.7 trillion won ($50 billion USD). The previous record of 36.8 trillion won was set in 2013. Operating profit for the fourth quarter rose 64% to 15.15 trillion won ($14.13 billion USD).

Samsung's mobile division was essentially flat in 2017 during the final three months of the year. From October through December, the unit contributed a profit of 2.4 trillion won ($2.23 billion USD). The previous year, the mobile group announced Q4 profits of 2.5 trillion won. Samsung expects 2018 to get off to a good start with the unveiling next month of its latest flagship handsets, the Samsung Galaxy S9 and Samsung Galaxy S9+. For 2018, Counterpoint research director Tom Kang expects competition from China to limit Samsung's growth in smartphone shipments to a 1-2% gain.

The company's Display unit had a 1.4 trillion yen profit ($1.3 billion USD) in the fourth quarter, up slightly from the 1.3 trillion yen profit it had the previous year. Analysts expect Samsung to report higher earnings growth in this division this year as Apple increases the number of iPhone models that are equipped with an OLED screen.

Samsung also announced a dividend of 21,500 won per share ($20 USD) and a 50-1 stock split. Investors loved the news, driving Samsung's stock up 8% in Korea.

source: Reuters

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