Samsung had a record-breaking 2017 thanks to its chip business

According to the earnings guidance that was recently released, the last quarter of 2017 was a great one for Samsung. The company generated an operating profit of 15.1 trillion won (around $14 billion) in the October-December period — a 68.8 percent increase compared with the year before.

If the estimates turn out to be accurate, 2017 would be a record year for Samsung. Its operating profit for the entire year would exceed $50 trillion won (around $46 billion), which would be a first for the tech giant. For comparison, the company “only” made 29 trillion won (around $27 billion) in 2016.

Samsung’s flagship smartphones like the Galaxy S8 and Note 8 are selling extremely well, but they aren’t the main reason for the great financial results. The company has the chip business to thank for that, which brought in around 35 trillion won (around $32 billion) in total last year — more than 60 percent of the company’s entire operating profit. Demand for DRAM and NAND memory chips was high in 2017, causing prices to skyrocket and likely resulting in a record-breaking year for Samsung.

What will business be like for Samsung in 2018? Will the company continue to kick ass? Find out here.