The Strategist

Samsung Electronics increases operating profit by 58.8% in Q3


10/29/2020 - 07:13



The volume of sales of the South Korean company Samsung Electronics in Q3 2020 rose by 8% yoy to a record 67 trln won (USD 59 bln) for the entire quarter.



Solomon203
Solomon203
The operating profit grew by 58.8% for the assessed period, reported Yonhap on Thursday.

Seoul’s experts explain the jump in sales by the increased demand for smartphones and home appliances during the novel coronavirus pandemic, as well as by grooving popularity of the company’s semiconductors due to the USA sanctions against Samsung’s competitor, Huawei.

The operating profit of Samsung Electronics grew by 58.8% compared to the same period in 2019, to 12.35 trillion won ($10.9 billion). 

The figure exceeded 10 trln won for the first time since Q4 2018, when semiconductors became very popular in the world market. This is the highest figure since Q3 2018, when operating profit jumped over 17 trln won.

Net profit for the July to September period was 9.36 bln won (USD 8.3 bln), an increase of 48.9% over the same period in 2019.

source: en.yna.co.kr




More
< >

Wednesday, December 2nd 2020 - 02:49 ExxonMobil writes off $17-20B in assets

Tuesday, December 1st 2020 - 04:31 Apple gets €10M fine in Italy for misleading ads