Fri. Nov 27th, 2020

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Samsung smartphone sales recover

1 min read
Samsung

Samsung smartphone sales recover

Samsung Electronics Co Ltd’s September-quarter profit likely surged more than a third, fuelled by strong smartphone sales and a rush order of memory chips from Huawei Technologies Co Ltd.

Samsung, the world’s biggest memory chip supplier, is scheduled to announce preliminary July-September operating profit and revenue on Thursday.

Profit likely rose 35% to 10.5 trillion won (£7.04 billion) from the same period a year earlier, according to Refinitiv SmartEstimate, derived from analyst estimates weighted toward those more consistently accurate. Revenue likely rose 3%.

Last year Samsung’s chip business accounted for roughly half of its profit.

Samsung’s smartphone profit, which accounted for one-third of earnings last year, likely jumped as handset demand rebounded after the COVID-19 pandemic curbed sales in the first half of 2020. Third-quarter smartphone shipments likely rose 48% to 80 million from the second quarter, according to analysts and data from Counterpoint Research.

Profit at Samsung’s display business likely fell, hurt by a later-than-expected launch of customer Apple Inc’s new iPhone.

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