Samsung is doing well even in a pandemic, with operating profit up 58% in the third quarter of 2020, Lahore Herald

Samsung is doing well even in a pandemic, with operating profit up 58% in the third quarter of 2020

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Samsung has just released its earnings forecast for the third quarter of 2020. Based on its own expectations, the company will likely have consolidated sales of KRW 66 billion (approximately $ 57 billion) and operating profit of KRW 12.3 billion (approximately $ 10.63 billion). However, these are not the final numbers and the South Korean company will release the final results later this month.

The company’s earnings exceeded market expectations due to higher sales of home appliances, semiconductor chips and smartphones. Compared to last year’s figures, Samsung’s operating profit is up 58% from KRW 7.78 billion (approximately USD 6.73 billion), while sales are up 6.45% from KRW 62. trillion (approximately $ 53.61 billion). The company’s sales and operating income in the second quarter of 2020 were KRW 52.97 billion and KRW 8.15 billion, respectively.

While Samsung Electronics has not released a detailed profit breakdown, the company’s smartphone business is expected to have performed well thanks to strong sales of the Galaxy A-series mid-range smartphones and the Galaxy Note series. 20. Even its television and home appliances business appears to have performed well due to pent-up demand in several countries around the world as economies began to open up after the downtime.

The South Korean tech giant also appears to have cut back on offline marketing due to the pandemic, translating into higher profits. Despite falling prices for memory chips, Samsung is expected to do well in the segment due to increased demand for servers. The logic chip and display business is expected to perform well as customers launch new products in the third quarter of 2020.

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