Samsung Electronics has introduced quarterly earnings for the July-September 2020 interval, making 66.96 trillion received in revenue and 12.35 trillion in working revenue. That’s the highest quarterly revenue determine ever for the Korean electronics big, which says that it was in a position to meet a boost in buyer demand following COVID-19 disruption.
“Even as the COVID-19 pandemic continues around the world, reopening of key economies led to significant increase in consumer demand,” Samsung says in a press release. “Samsung Electronics was able to respond aggressively through flexible global supply chain management, reporting its highest-ever quarterly revenue.”
Samsung says that a rise in demand for smartphones helped drive the revenue figures, whereas working revenue noticed a 59 p.c year-on-year improve that the corporate places all the way down to stronger sales of each reminiscence chips and shopper merchandise. Part of the leap in reminiscence demand was due to Huawei, which put in pressing orders forward of US sanctions taking impact final month.
However, Samsung warned of decrease income in the approaching quarter on account of an anticipated droop in reminiscence demand and better competitors in the smartphone market. It’s value noting that whereas Samsung launched a number of flagship telephones in the earlier quarter, together with the Galaxy Note 20 line, the Galaxy Z Fold 2, and the Galaxy Z Flip 5G, Apple’s annual iPhone launch suffered a uncommon slip into October.
That signifies that Samsung was in a position to launch its new telephones with out going up in opposition to its greatest competitor in a number of main markets. Elsewhere, although, Huawei’s sanctions-induced smartphone decline will current a chance for each firms to compete for the additional market share. The later iPhone launch will even give a boost to Samsung’s OLED show enterprise.
Looking to subsequent yr, Samsung says it plans to focus additional on foldable telephones as a method to differentiate its flagship lineup, whereas additionally aiming to make 5G extra of a mass-market proposition.