Samsung Expects Revenue To Increase 58% In Q3 2020 Despite COVID-19

Dhir Acharya - Oct 08, 2020


Samsung Expects Revenue To Increase 58% In Q3 2020 Despite COVID-19

The slowdown in the technology world since 2019 and during the COVID-19 pandemic doesn’t seem to hurt Samsung as much as we might expect.

The slowdown in the technology world since 2019 and during the COVID-19 pandemic doesn’t seem to hurt Samsung as much as we might expect.

On Wednesday, the Korean giant predicted that its operating profit in Q3 2020 would reach about $10.6 billion, registering a 58% increase compared with the same time last year. The company also said that its revenue went up by almost 5% to $57 billion.

samsung
What is the reason for this increase?

In the third quarter of 2019, Samsung reported a decrease of 56% in operating profit, but this time appears to be a rebound for the firm.

While the company did not reveal what was behind these results but it was likely the growing demand for its chips during the pandemic as more people had to work from home. Samsung will release its result report later this month.

Samsung is widely known as the biggest TV and phone vendor, but it also sells a lot of memory chips to device makers across the world. Over the last few months, its chip business has got a boost from data centers relying on the technology to store online data. In the second quarter, the semiconductor business brought the company a revenue of about $15.7 billion with a 13% increase.

samsung
The smartphone business doesn't do well

Meanwhile, Samsung’s more well-known businesses have been struggling. 2020 was expected to be a strong year for smartphones with the rise of foldable screens and 5G connectivity. But the pandemic and financial struggles have limited the number of devices a company can produce and the actual demand of consumers.

Samsung warned in April that the coronavirus would dramatically hurt its operations but stated in July that it expected the smartphone sales to go up in Q3 compared to Q2.

>>> Samsung Galaxy S20 FE Launched: SND865 / Exynos 990 SoC, 120Hz Display, Price Starts At ₹51,000

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