Samsung posts the highest income ever after a lift in flagship phone sales
Samsung Electronics has declared quarterly income for the July-September 2020 period, making 66.96 trillion won (~$59 billion) in income and 12.35 trillion (~$11 billion) in operating benefit. That is the highest quarterly income figure ever for the Korean electronics monster, which says that it had the option to meet a lift in client demand following the COVID-19 disruption.
“Even as the COVID-19 pandemic continues around the world, reopening of key economies led to a significant increase in consumer demand,” Samsung says in a statement. “Samsung Electronics was able to respond aggressively through flexible global supply chain management, reporting its highest-ever quarterly revenue.”
Samsung says that an expansion popular for cell phones helped drive the income figures, while operating benefit saw a 59 percent year-on-year increment that the organization puts down to stronger sales of both memory chips and purchaser products. Part of the jump in memory demand was a result of Huawei, which put in urgent orders in front of US sanctions producing results a month ago.
Notwithstanding, Samsung cautioned of lower benefits in the coming quarter because of an expected slump in memory demand and higher competition in the cell phone market. It’s important that while Samsung launched a few flagship phones in the past quarter, including the Galaxy Note 20 line, the Galaxy Z Fold 2, and the Galaxy Z Flip 5G, Apple’s yearly iPhone launch endured an uncommon slip into October.
That implies that Samsung had the option to launch its new phones without going toward its greatest rival in a few significant major markets. Somewhere else, however, Huawei’s authorizations actuated cell phone decrease will introduce an opportunity for the two organizations to vie for the additional market share. The later iPhone launch will likewise give a lift to Samsung’s OLED display business.
Looking to one year from now, Samsung says it intends to focus further on foldable phones as an approach to separate its flagship lineup, while also meaning to make 5G, even more, a mass-market recommendation.