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Companies

Samsung confident of rebound after Q4 profit drops 34%

Share price falls 3% as coronavirus death toll hits 170 in China

After a rocky fourth quarter, Samsung Electronics is optimistic about the year ahead.    © Reuters

SEOUL -- Samsung Electronics is confident that demand from 5G and data centers will help its memory chip business bounce back this year after the company's overall operating profit tumbled by a third last quarter.

The South Korean tech giant said on Jan. 30 that its operating profit for October-December came in at 7.16 trillion won ($6.04 billion), down 33.7% on the year, despite revenue growing 1.1% to 59.88 trillion won.

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