What you need to know
Samsung has reported its Q4 2020 financial results.
The company s fourth-quarter profit increased 26.4% YoY, but fell 26.7% compared to the previous quarter.
Samsung s mobile business also witnessed a QoQ decline in profit due to weaker than expected sales.
South Korean tech giant Samsung today announced its financial results for the fourth quarter of 2020. It posted KRW 61.55 trillion ($55.3 billion) in consolidated revenue and KRW 9.05 trillion ($8.1 billion) in operating profit during the fourth quarter of the year. While the company s profit grew 26.4% over the same period a year earlier, it fell 26.7% from the previous quarter due to slow sales of consumer products, higher marketing costs, and weaker memory prices.