Samsung (005930) stock up after strong earnings guidance
04:41, 7 January 2022
South Korean consumer electronics major Samsung Electronics expects operating profit in the fourth quarter of 2021 to have jumped 52% year-on-year, highest level in four years.
The company, which will announce its fourth quarter earnings later this month, released the earnings guidance on Friday. Samsung said it expects fourth quarter operating profit to be KRW13.8trn ($11.5bn). It expects consolidated sales to be around KRW76trn.
Following the announcement, Samsung’s stock price was up 1.69% at KRW78,200 on the Korea Exchange.
M&As on the radar
The guidance comes at a time when the world’s largest memory chipmaker and smartphone maker is planning mergers and acquisitions has reorganised its leadership team.
Yonhap, a South Korean news agency, reported on Wednesday that Han Jong-hee, vice chairman and the head of the Samsung Electronics Co’s Device eXperience division, told South Korean media at the Consumer Electronics Show (CES) 2022 that the company is in talks for multiple M&A deals.
“We are moving faster than you might think. We are open to every possibility, and I think we can deliver good news sooner or later,” he said.
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Besides showcasing a slew of new products at the CES 2022, Samsung also announced a number of sustainability measures on Friday. The steps includes reducing pollution, saving more energy, increased use of recycled plastic and use of more sustainable packaging.