Samsung Profits Soar despite COVID-19 Pandemic

Covid-19 pandemic had been very harsh on businesses. It not only compromised our health but also rendered many businesses upside down and affected the global economy. The Chinese smartphone makers have witnessed huge losses and a 15% sales decline in H1 2020. But for Samsung, COVID 19 has made no difference. It’s evident from Samsung profits that are up despite the ongoing circumstances.

The company has reported better earnings for the second quarter of 2020 with an operating profit of up to 23% on early basic to 8.15 trillion. The company revealed that it has come up to the great recovery from the impact of COVID-19 as compared to the forecast. So it is able to optimize its expenditure even though the sales of devices were down from last year.

Samsung Profits Soar despite COVID-19 pandemic

The company also expects that its smartphone sales will rise in the next quarter due to the launch of Galaxy Note 20 and another device, which the company has decided to keep a surprise for everyone. Its display business through which the company supplies panels for other devices makes also witnessed a decline in demand but the earnings were boosted due to one time gain.

The chip business of Samsung also had mixed results during the pandemic. Since the company adopted work from home however the demand for DRAM was too much in data centers and PCs but less in mobile devices. The semiconductor division contributed to two-thirds of Samsung’s operating profit for the quarter.

Well, the overall period of COVID-19 worked pretty well for Samsung however for Chinese Giants its might be the worst nightmare as they couldn’t perform up to the mark. Samsung was on the top slot while Huawei following it when it comes to top smartphones in the market. It seems that this year-end will have different stats. Let’s wait and watch.

Also Read: Chinese Smartphone Makers Witnesses 15% Sales Decline in H1 2020