Samsung just reported a record-breaking quarter and 2021 when it comes to sales, and is forecasting more growth for 2022.

The South Korean tech giant achieved full-year revenues of 76.57 trillion won (about £47.4 billion) in the fourth quarter of 2021 and 279.6 trillion won (£173 billion) for the year.

This represents a 24% year-over-year increase, which Samsung attributes to “extensive sales of premium smartphones, including foldable phones, as well as TVs and home appliances”.

For 2022, Samsung forecasts continued growth as “global IT demand” recovers, although it admits that “challenges related to delivery issues and COVID-19 are likely to persist”.

The company plans to secure a larger share of the smartphone market by releasing more 5G mass-market smartphones. It expects 5G phones to make up more than half of all smartphone sales by 2022, so we may have just hit the 5G tipping point.

This will put Samsung up against some Chinese rivals such as Oppo and Xiaomi, which are releasing a large number of affordable 5G phones in a year.

Samsung also believes that the demand for OLED display technology will increase as foldable phones continue to grow. The unexpected success of its own Samsung Galaxy Z Fold 3 and Galaxy Z Flip 3, as well as some up-and-coming rival efforts, mean this is part of the market to watch in 2022.

Despite these record numbers, Samsung’s operating profits are lower than expected due to a combination of a special bonus payment to employees, prudent shipment of memory chips and high R&D costs.

This post Samsung achieves record turnover for 2021

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