Samsung Q4 profit jumps 50% as record chip profit masks Note7 failure

A man walking past the logo of Samsung Electronics at a flagship store in Seoul, on Oct 27, 2016.
A man walking past the logo of Samsung Electronics at a flagship store in Seoul, on Oct 27, 2016.PHOTO: AFP

SEOUL (Reuters) - Samsung Electronics on Tuesday (Jan 24) said fourth-quarter operating profit jumped 50 per cent, matching its earlier guidance, as record earnings in its chips business masked the negative impact of its failed Note7 phones.

The world's biggest maker of smartphones and memory chips said October-December operating profit was 9.22 trillion won (S$11.25 billion), compared with prior guidance of 9.2 trillion won.

Revenue remained flat at 53.3 trillion won from the same period a year earlier, versus its estimate of 53 trillion won.

Samsung also said it plans to buy back 9.3 trillion won worth of shares this year.