Samsung Electronics posts record high in 2017

Cryptocurrency illustration

For the whole of 2017, net profit came to 42.18 trillion won, up 85.6 percent from a year earlier.

Its shares also jumped almost nine per cent after the company revealed that it was splitting its stock 50-to-1.

Samsung already makes high-capacity memory chips for GPUs that are also used for crypto mining purposes.

The tech giant's stock split is the latest in a series of moves to bolster shareholder returns.

One of the ironies of Samsung's success in memory is that it's a business Intel created in the 1960s. Its operational profit reached 15.2 trillion won (11.4 billion euro), which is 64 % higher than the year before.

Also on Wednesday, Samsung Electronics' board of directors chose to lower the face value of its stocks from 5,000 won to 100 won, a move that would dramatically increase the number of common stocks to more than 6.41 billion from the current 128.3 million.

Shares of Samsung Electronics were up 0.20 percent to 2,495,000 won, outperforming the broader KOSPI's 1.28 percent loss.

Samsung eased concerns that the huge expansion in the global semiconductor business may be tapering off, saying the outlook for 2018 remained strong.

Having surpassed California-based Intel, once the leading computer chips manufacturer, the South Korean tech giant is clearly set to cash in to the maximum possible extent on the world going insane about blockchain-based technologies.

Analysts expect the firm's full-year operating profit to rise beyond 60 trillion won this year, again boosted by its semiconductor business.

A QZ report notes that cryptocurrency mining added more than $350 million revenue for TSMC in the last quarter.

"Samsung's foundry business is now engaged in the manufacturing of cryptocurrency mining chips", the company told TC without disclosing any further details.

Cryptocurrencies are digital currencies that use encryption techniques for security and can be traded.

Looking ahead, Samsung also predicted strong demand for its forthcoming Galaxy S9 smartphone, to be revealed on 25 February.

"It is hard to give specific details, but we have been trying to diversify our clients and reduce reliance on a certain customer to build a healthy portfolio", a Samsung executive said in a conference call yesterday when asked about the potential impact of lower than expected iPhone X sales.

Samsung Electronics announced today that its earnings for the October-December 2017 quarter were 66 trillion won or $61.6 billion, a 24 percent increase compared to the same period in 2016. Samsung said it expects its Foundry arm to be "number two" in the business.

Samsung spent a record 43.4 trillion won in capital expenditure previous year to boost production of memory chips and organic light-emitting diode (OLED) screens.

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