Samsung just reported a record quarter and 2021 when it comes to revenue and is forecasting further growth for 2022.
The South Korean tech giant posted 76.57 trillion won (about £47.4 billion) in Q4 2021 revenue, up from 279.6 trillion won (£173 billion) for the full year.
This represents an increase of 24% year on year, which Samsung Attributes to “expand sales of premium smartphones, including foldable phones, as well as televisions and home appliances.”
In 2022, Samsung expects growth to continue as “global IT demand recovers,” though it acknowledges that “supply issues and COVID-19 challenges are likely to persist.”
The company plans to capture a larger share of the smartphone market by launching more 5G smartphones for the mass market. 5G phones are expected to make up over half of all smartphone sales in 2022, so we may have just reached a tipping point for 5G.
This will pit Samsung against a number of Chinese competitors such as Oppo and Xiaomi, which release a large number of affordable 5G phones every year.
Samsung also believes that demand for OLED display technology will grow as foldable phones continue to grow. The unexpected success of Samsung’s own Galaxy Z Fold 3 and Galaxy Z Flip 3, as well as a number of new competitors, means this market segment is worth keeping an eye on in 2022.
Despite these record numbers, Samsung’s operating profit is lower than expected due to a combination of special employee bonuses, cautious shipments of memory chips and high R&D spending.