Samsung expects third-quarter profit to rise
Samsung estimates that third-quarter operating profit will be around 12.3 trillion won ($ 10.6 billion). This is a 58% profit margin compared to the third quarter of last year. Revenue rose nearly 5 percent to 66 trillion won ($ 57 billion). Samsung did not comment on the economic impact of the quarter on earnings and sales.
Samsung is expected to release its earnings results later this month. Samsung sells more smartphones and TVs than any other company, and it also dominates the memory chips market in products around the world.
The need for chips for data centers has also increased as more people work from home and go online during the Corona virus epidemic. Samsung’s semiconductor business revenue rose 13% to 18.2 trillion won in the second quarter.
The smartphone market is likely to struggle with production and demand due to the current COVID-19 disaster. Last April, the company warned that the coronavirus could significantly affect operations in the coming months. In July, smartphone sales are expected to pick up in the third quarter compared to the second quarter.