Samsung on Thursday reported its slowest profit growth since 2011, with a minor dip in operating profit in Q4 2013, down to 8.31 trillion won ($7.7 billion) from 8.84 trillion won in last year year’s Q4 and an 18% drop from Q3.
Net income rose 5.4 percent to 7.22 trillion won ($6.7 billion) over the quarter, short of the 8.2 trillion analysts were expecting. It also makes for the slowest profit growth Samsung has seen since its profits fell in Q3 2011.
According to the company, this is due in part to a one-time 800 billion won bonus given to employees to celebrate the 20th anniversary of Chairman Lee Kun Hee’s new management strategy. An additional 700 billion won was “knocked off” by a stronger won.
Samsung’s mobile performance remains flat from this time last year, though it still makes up more than half of the company’s revenue and profits. Samsung did report stronger-than-average tablets sales, led by the Galaxy Tab 3 and Galaxy Note 10.1 (2014 Edition).
The company notes that it will continue to expand its smartphone and tablet offerings, and while little information was provided about the Galaxy Gear smartwatch, the company plans to expand its reach in the wearables category as well.