November 24, 2024

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Samsung Electronics said on March 20 it will propel technology innovations to tackle the unfavorable business environment and foster new growth drivers, such as artificial intelligence and 5G.

The South Korean tech giant announced its business plan during a shareholder meeting, the first since a 50:1 stock split in May, which was aimed at making it easier for retail investors to purchase stakes in the firm. 

The world’s largest handset and chipmaker said it posted 244 trillion won ($215.8 billion) in sales and 59 trillion won in operating profit last year on a consolidated basis, posting record high profits driven by the boom in memory chips. 

But Samsung vowed to step up its innovations to overcome business challenges amid falling prices of memory chips and flattening global demand for new smartphones.

“The company plans to push for profound innovations across the divisions as the unfavorable business environment is expected to continue this year,” Kim Ki-nam, vice chairman of Samsung Electronics, said in the meeting at the headquarters in southern Seoul. “We will continue to release innovative products in our home appliance and IT and mobile communication divisions to expand our market-leading position.”

To get ahead in the fast-changing tech industry, Samsung said it will expand investment in burgeoning tech segments to propel growth.

“We will focus on new, promising businesses, such as AI and 5G, to bring meaningful changes and will actively respond to new business opportunities,” Kim said.

By Ram Garikipati and newswires (ram@heraldcorp.com)