Samsung Surges to New High on Strong Memory Market Outlook
- Memory prices and 5G demand expected to rise in 2021
- Korean giant has sped up smartphone release schedule this year
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Samsung Electronics Co. shares rose 7.1% to a record high in Seoul Friday amid signs of a rebound in the memory-chip market and off the back of a surge in earnings.
South Korea’s biggest company posted a 26% increase in operating income to 9 trillion won ($8.3 billion) for the three months ended December in preliminary results. That compares with a 9.52 trillion won average of analyst forecasts. Sales for the quarter were 61 trillion won. The company didn’t provide net income or break out divisional performance, which it will report later this month when it releases final results.