Quarterly Profit for Samsung Expected to Increased 58% from Last Year

For the third quarter of 2020, Samsung has just released its profit expectations. The company is predicted to achieve a 66 trillion (around $57 billion) consolidated sales and an operating profit of KRW 12.3 trillion (around $10.63 billion) based on its own predictions. These are, however, not the final figures, and by the end of this month, the South Korean company will announce final figures.

The estimates Samsung revealed in its sales estimate are better than the 10.5 trillion won for the September quarter that analysts had expected. Operating profit rose to 8.1 trillion won ($ 7 billion), which accounted for 23% in the second quarter.

Quarterly Profit for Samsung Expected to Increased 58% From Last Year

Increased sales of home appliances, semiconductor chips, and smartphones have higher market expectations. Operating profit for Samsung rose 58% from KRW 7.78 trillion (around $6.73 billion), relative to estimates from a year ago, while sales increased 6.45% from KRW 62 trillion  (approximately $53.61 Billion)   In Q2 2020, the company had 52.97 trillion and KRW 8.15 trillion, respectively, in sales and operating profit.

Although Samsung Electronics has not released a detailed earnings breakdown, it is estimated that the smartphone business has accomplished a decent SALES because of the successful sales of its mid-range smartphones Galaxy A series and the Galaxy Note 20 series. In many countries worldwide the economy has begun to open up after the lock-down time seems to have done well, including its home appliances and its TV business.

Due to the off-line marketing of a pandemic, the South Korean software giant also seems to have reduced costs, with greater profits. Although the price of memory chips has fallen, Samsung is likely to have performed well in this segment because of higher server demand. It is expected that the company display and the logic chip will do well when their clients launch new products in the 3rd quarter of 2020.

In addition to the smartphone business, the Samsung industry also affects Huawei. The company won about $6.6 billion last month to sign a Verizon network equipment supply deal.

Also Read: Samsung Galaxy M Prime will be here Soon