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Samsung announced Monday that it will buy back or cancel approximately 9.3 trillion won ($8 billion) worth of shares after its fourth-quarter operating profit jumped 50 percent. The South Korean company said memory chip and display panel earnings fueled the profit.

The company announced a final fourth-quarter operating profit of 9.22 trillion won ($7.93 billion) and shares rose 2.3 percent ahead of Monday’s earning release. The strong U.S. dollar over the Korean won also positively impacted the Samsung’s profits, the company said in a statement.

“The memory division achieved strong earnings growth in the fourth quarter by focusing on high profitability and a differentiated product mix,” Samsung said.

The announcement comes as the company looks to move past the failed Galaxy Note 7 phones. On Sunday, Samsung released the results of its investigation into the cause of the smartphone’s fiery malfunctions.

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