Samsung Electronics announced that its fourth-quarter earnings jumped nearly 130 percent on year, despite concerns of waning global demand for memory chips.

The South Korean tech giant said in its regulatory filing on Friday that its operating profit came to six-point-49 trillion won for the October-December period.

That’s about four-point-46 billion U.S. dollars. 

Still, its operating profit dropped sharply from the previous quarter due to higher R&D expenses in its chips segment, and lackluster sales of its traditional memory chips.

Sales reached 75-point-78 trillion won for that period, down four percent from the previous quarter, while net income came to seven-point-75 trillion won.

Samsung Electronics CFO Park Soon Cheol told investors during a conference call that he and other top management at the firm are aware of the current difficulties facing the company and that he is sure that it will overcome them quickly, armed with a wide range of business portfolio.

For all of 2024, Samsung’s operating profit marked 32-point-72 trillion won, having jumped nearly 400 percent from a year earlier.  

Annual sales grew 16-point-two percent on-year to reach 300-point-87 trillion won, surpassing the 300 trillion won mark for a second time.

Annual net income soared 122 percent on-year to 34-point-45 trillion won last year.