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Samsung on Wednesdayreported a 34.57 percent drop in operating profit in the fourth quarter from a year ago. The South Korean company had earlier issued a profit warning.

Revenue totaled $51 billion (67.78 trillion Korean won), operating profit came in at 2.82 trillion Korean won, versus 3.43 trillion Korean won expected by analysts.

Samsung said fourth-quarter revenue and operating profit improved from the third quarter due to a recovery in memory chip prices and "continued strength" in premium screen sales.

Samsung is the world's largest maker of dynamic random-access memory chips found in consumer devices such as smartphones and computers.

Samsung said smartphone sales and profits declined in the fourth quarter from a quarter ago. That's because the company launches its premium devices early in the year.

In 2023, Apple passed Samsung as the world's largest supplier of smartphones.

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