Samsung sees Q3 operating profit up 58% after sales grow 6.5%

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Samsung Electronics said it expects to report third-quarter sales of KRW 66 trillion and operating profit of KRW 12.3 trillion (about $10.6 billion). That means year-on-year revenue growth of 6.5 per cent and profit up 58 per cent.

Samsung sees Q3 operating profit up 58% after sales grow 6.5%
Samsung sees Q3 operating profit up 58% after sales grow 6.5% – www.brandspurng.com

The results are also up strongly compared to Q2 2020 when Samsung reported sales of KRW 52.97 trillion and operating profit of KRW 8.15 trillion. Samsung said then that it expected gradual recovery in market demand from the second half, following the coronavirus lockdowns that disrupted supply chains and retail sales in the first half of the year.
The company also released several new products during Q3, including the new Note20 smartphones, more wearables and tablets, its latest foldable device and additional 5G phones. These are expected to support demand through the year-end shopping season.
Samsung is seen as a big beneficiary of both Huawei’s problems as well as Intel’s, according to Newman. U.S. sanctions on Huawei severely limit the Chinese tech company’s options to acquire chips for its smartphones and critical semiconductor components. For its part, Intel announced a delay in its next-generation chips during its earnings guidance in July.

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Samsung sees Q3 operating profit up 58% after sales grow 6.5% - Brand SpurSamsung sees Q3 operating profit up 58% after sales grow 6.5% - Brand Spur

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Samsung sees Q3 operating profit up 58% after sales grow 6.5% - Brand SpurSamsung sees Q3 operating profit up 58% after sales grow 6.5% - Brand Spur

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