In this news, we discuss the Samsung’s Q3 2020 operating profit jumps 59 pct on stronger consumer demand.
Samsung Electronics on Thursday reported that its third quarter (Q3) operating profit was 59% higher year-over-year (year-over-year) on stronger sales of memory chips and products from consumption.
Despite the economic disruption caused by the COVID-19 pandemic, the South Korean tech giant reported KRW 66.96 trillion in consolidated revenue and KRW 12.35 trillion in operating profit for the third quarter ended September 30, 2020 .
“Even as the COVID-19 pandemic continues around the world, the reopening of key economies has resulted in a significant increase in consumer demand. Samsung Electronics has been able to respond aggressively with flexible global supply chain management (SCM), reporting its highest quarterly revenue on record, ”the company said in a statement.
Samsung said its quarterly operating profit was up 52% from the previous quarter due to strong demand for smartphones and consumer electronics. Smartphones, including new flagship models like the Galaxy Note 20 and Galaxy Z Fold 2, saw an almost 50% increase in sales while the Consumer Electronics division also saw strong growth in premium QLED sales, King size TVs and Lifestyle TVs as well as home appliances.
The company’s memory business delivered strong profits driven by strong demand for mobile and PC products, while the foundry business posted record quarterly revenue driven by recovering mobile demand and growing demand. increased HPC chips.
“Overall demand in the memory sector has been better than expected as demand for mobile applications has started to pick up, even as demand for servers was a little weaker than in the first half,” said the company in a press release.
Samsung expects aggregate global demand to pick up in 2021, but uncertainties persist over the COVID-19 pandemic.
- The company’s memory business delivered strong profits driven by strong demand for mobile and PC products, while the foundry business posted record quarterly revenue driven by recovering mobile demand and growing demand. increased HPC chips.
- Samsung’s Q3 2020 operating profit increases 59% on stronger consumer demand