SamMobile has affiliate and sponsored partnerships. If you buy something through one of these links, we may earn a commission. Learn more.

Samsung does well even in pandemic, posts 58% higher operating profit for Q3 2020

Business
By 

Last updated: October 8th, 2020 at 07:01 UTC+02:00

Samsung has just released its earnings guidance for the third quarter of 2020. According to its own expectations, the company will likely post consolidated sales of KRW 66 trillion (around $57 billion) and an operating profit of KRW 12.3 trillion (around $10.63 billion). However, these are not the final numbers, and the South Korean firm will post final results by the end of this month.

The company’s earnings beat market expectations due to higher sales of home appliances, semiconductor chips, and smartphones. Compared to the numbers from a year earlier, Samsung’s operating profit has jumped a whopping 58% from KRW 7.78 trillion (around $6.73 billion), while sales have jumped 6.45% from KRW 62 trillion (around $53.61 billion). The company’s sales and operating profit in Q2 2020 were KRW 52.97 trillion and KRW 8.15 trillion, respectively.

While Samsung Electronics did not post the detailed breakdown of its earnings, it is being expected that the company’s smartphone business did well due to solid sales of its Galaxy A series of mid-range smartphones and the Galaxy Note 20 series. Even its home appliances and TV business appear to have done well due to pent-up demand in various countries worldwide as economies started opening up after the lockdown period.

The South Korean tech giant also seems to have cut costs in offline marketing due to the pandemic, resulting in higher profits. Despite a fall in memory chip prices, Samsung is expected to have done well in the segment due to higher demand for servers. Its display and logic chip businesses are expected to have done well as its clients launched new products in Q3 2020.

Via Business Samsung Electronics
Load 1 comments

You might also like

Samsung lost seven places in terms of global market cap since 2021

According to a recent report by London-based accounting firm PWC, Samsung Electronics has the world’s 22 …

  • By Mihai Matei
  • 2 hours ago

Samsung halts component orders amid fears of oversupply and global inf …

Samsung Electronics is reportedly reevaluating supply and demand amid concerns over global inflation levels. T …

  • By Mihai Matei
  • 1 week ago

Japanese airline reminds us that a Galaxy Z global rebranding is due

Japanese airline Zipair is removing the “Z” logo from the side of its planes to avoid being associ …

  • By Mihai Matei
  • 1 week ago

Samsung leads smartphone shipments in Europe as the market hits new lo …

The European smartphone market suffered a setback in the first quarter of the year, and Samsung also experienc …

  • By Mihai Matei
  • 1 week ago

Samsung to relocate 300 workers from closed TV LCD division to chip un …

According to insider sources, Samsung is planning to move around 300 workers from its now-closed TV LCD panel …

  • By Sagar Naresh
  • 1 week ago

Samsung Electronics’ stock price has reached its lowest point in …

Samsung Electronics’ stock price has hit a new low today. The downturn in the semiconductor market and c …

  • By Mihai Matei
  • 2 weeks ago