Samsung’s Profit Climbs as Hopes Grow for 2022 Memory Recovery

(Bloomberg) — Samsung Electronics Co.’s quarterly profit climbed more than 50% after chip prices stabilized and sales of smartphones surged, reinforcing hopes the memory industry will emerge from its downturn this year.

South Korea’s biggest company posted operating income of 13.8 trillion won ($11.5 billion) for the three months ended December, missing estimates after it distributed special bonuses to employees. But revenue jumped a better-than-expected 23% to 76 trillion won. The company’s stock climbed as much as 2% in morning trade in Seoul.