Samsung saw record-breaking profit in 2017 thanks to its chip business

Samsung logo on wall

2017 was a big year for Samsung.

In the final three months of 2017, the South Korean tech giant’s operating profit reached 15.1 trillion won (around $14 billion USD), marking a nearly 70 percent increase compared to 2016.

As a whole, Samsung’s operating profit in 2017 is estimated to have exceeded $50 trillion won (around $46 billion), a record high for the company. For comparison, the company made 29 trillion won (around $27 billion) in the year prior.

Altogether, 60 percent of the company’s entire operating profit came from Samsung’s memory chips, primarily because demand was high in 2017 for its DRAM and NAND products.

This is particularly notable given that 2017 was — for better or worse — a significant year for the company’s smartphone division. The year started off poorly due to the widespread battery failure of the Galaxy Note 7, which reportedly cost Samsung an estimated $5.3 billion USD.

After that, though, Samsung’s phone division faired much better thanks to the successful launches of March’s Galaxy S8 and S8+ and September’s Galaxy Note 8. These debuts helped Samsung secure the biggest smartphone market share in the third quarter of the year.

Via: Android Authority