Samsung, the South Korean electronics behemoth, reported record revenue of $244.3 billion in 2021, a 22% increase from 2020, and profits of $34.3 billion, up 55% from the year before. In December 2021, Samsung shook up its corporate management, appointing new co-CEOs to lead separate divisions. Kyung Kye-hyun will head the device solutions business; Han Jong-hee will steer the newly merged mobile and consumer electronics departments, which Samsung combined in an effort to build an extensive hardware lineup that can rival Apple’s. Samsung expects 2022 to be a banner year for its smartphone business, with strong sales of its mass-market 5G smartphones, as more carriers develop 5G capabilities.
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