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Home Technology

Samsung Electronics Sales and Operating Profits Reach Two-Year Record High

With the sales of smartphones, electronics, and semiconductors, Samsung shows promising signs amid the pandemic

The Global Economics by The Global Economics
October 8, 2020
in Technology, Trending
Reading Time: 1 min read
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Samsung Electronics Sales and Operating Profits Reach Two-Year Record High

Samsung Electronics Sales and Operating Profits Reach Two-Year Record High

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South Korean electronics giant #Samsung Electronics made a remark expecting around $10.6 billion in operating profits this year in the third quarter, showing remarkable resilience to the coronavirus pandemic, as compared to the same period in 2019.

According to the Korea Herald’s report, Samsung has logged its biggest operating profit in two years.

In a statement on Thursday, Samsung said it estimated around 12.4 trillion Korean won (about $10.6 billion) compared to 7.78 trillion won in the same period in 2019. With #Huawei Technologies faltering, Samsung rose to its feet with its smartphones and consumer electronics’ sales.

The sales for the 3rd quarter gained 3.2% on year as a recovery on sales, covering smartphones and home appliances. The company’s recent launches are the Galaxy Note 20 Ultra, Galaxy Z Flip 5G, Galaxy Z Fold 2, Galaxy Tab S7, and the Galaxy Tab S7+.

The anti-China sentiment as well as the $6.65 billion deal with #Verzon Communications to provide wireless communications solutions has further boosted the company’s viewpoint. Additionally, #Nvidia chose Samsung as the manufacturer for its latest range of GeForce RTX 30 Series of  GPUs.

Tags: HuaweiNvidiasamsungVerzon
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The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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