Samsung Electronics fourth-quarter profit jumps as record chip profit masks Note 7 failure | Reuters

SEOUL Samsung Electronics Co Ltd (005930.KS) on Tuesday said fourth-quarter operating profit jumped 50 percent, matching its earlier guidance, as record earnings in its chips business masked the negative impact of its failed Note 7 phones. The world's biggest maker of smartphones and memory chips said October-December operating profit was 9.22 trillion won ($7.93 billion), compared with prior guidance of 9.2 trillion won.Revenue remained flat at 53.3 trillion won from the same period a year earlier, versus its estimate of 53 trillion won.Samsung also said it plans to buy back 9.3 trillion won worth of shares this year.

($1 = 1,162.1900 won)

(Reporting by Hyunjoo Jin; Editing by Stephen Coates)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Jan 24, 2017 06:15 AM

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