Samsung Electronics reported net profit in the second kwartalnika Dragun | 07.07.2020
Profit increased by 23% due to demand on the processors, despite pessimistic forecasts of analysts.
Sales of processors to offset the weak demand for smartphones and TVs. Also increased revenue from sales of displays, which are supplied to Apple.
Samsung stated that operating profit was USD 6.8 billion in the second quarter, well above analysts ‘ forecast. This is the highest quarterly profit since the fourth
quarter of 2018.
Revenue fell 7%.
In addition, remote work and the increasing popularity of online learning has provoked the demand for chips and pushed prices up. American supplier of DRAM company Micron Technology,
expects higher income in the second quarter.
But Apple is struggling to cope with the objectives on shipments, iPhone sales suffered from the pandemic.
The business of manufacturing phones and TVs may have suffered less than expected. The reason is the low marketing expenses.
“The damage from the pandemic proved to be less significant than expected by the market,” said CW Chung, head of the research Department Nomura in Korea.
The pandemic is not the only source of problems for the Samsung — the head of the company J. E. Lee faced new legal difficulties.
Public prosecutors are investigating a case of fraud with the financial statements and manipulating stock prices.
LG Electronics, a competitor of Samsung to produce TVs, phones and home appliances, said that operating profit in the second quarter fell by 24%.
IT market, and the financial results of companies, manufacture
Samsung
