Samsung has just reported a record breaking quarter and 2021 when it comes to revenue, and is predicting more growth for 2022.

The South Korean tech giant made 76.57 trillion won (about £47.4 billion) in revenue in the fourth quarter of 2021, and 279.6 trillion won (£173 billion) over the entire year.

This represents a 24% year-on-year bump, which Samsung attributes to “expanded sales of premium smartphones, including foldable phones, as well as TVs and home appliances”.

For 2022, Samsung predicts continued growth as “global IT demand” recovers, though it admits that “challenges associated with supply issues and COVID-19 are likely to persist”.

The company plans to secure a bigger slice of the smartphone market by releasing more mass market 5G smartphones. It expects 5G phones to make up more than half of all smartphone sales in 2022, so we may have just hit the 5G tipping point.

This will pitch Samsung against a number of Chinese rivals, such as Oppo and Xiaomi, who release a large number of affordable 5G phones in a year.

Samsung also believes that the demand for OLED display technology is going to increase as foldable phones continue to grow. The unexpected success of its own Samsung Galaxy Z Fold 3 and Galaxy Z Flip 3, as well as a bunch of emerging rival efforts mean this is a section of the market to watch in 2022.

Despite these record numbers, Samsung’s operating profits are lower than expected due to a combination of a special bonus payment to employees, cautious memory chip shipments, and high R&D costs.

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