Seoul, Korea - Samsung Electronics reported higher sales but lower net income for the fourth quarter ended Dec. 31, 2009.
Sales were 25.32 trillion won, up 2 percent from the third quarter, while net income was 3.05 trillion won, down 18 percent from the prior quarter.
In its digital media business flat-panel TV shipments were 10.9 million units, up 41 percent from the third quarter and up 41 percent compared with the prior year. In appliances revenue was driven by strong sales in refrigerators and drum washing machine sales, which continued to increase in the U.S.
Samsung said that in the first quarter it expects to outperform market growth in TVs and strengthen its leadership, while in appliances it expects to expand its product lineup in the premium market, which will help it "strengthen leadership," in that business.
In its telecommunications business shipments for handsets were up 14 percent to 68.8 million units compared with the third quarter and up 31 percent year on year. The average selling price of handsets were down 4 percent to $115 each compared with the third quarter, due to increased price competition, Samsung said.
While Samsung expects there to be first quarter seasonal weakness in the handset market, 2010 demand year on year should increase 10 percent as the economic recovery continues and smartphone demand will increase sharply.
It expects its own 2010 shipments to outperform market growth due to an expanded smartphone lineup, the company said.
For fiscal 2009 sales were 89.77 trillion won at Samsung, up 23 percent from the prior year, and net income was 9.65 trillion won, up from the prior year's 5.53 trillion won.