Samsung reports quarterly financial results for July-September 2020, and that number looks promising. Sales were 66.96 trillion won, a record high, and operating profit was 12.35 trillion won, up 52% from the previous three months, and 59% from last year.
| Guidance for Q3 2020 KRW / USD | Results for the second quarter of 2020 KRW / USD | Results for Q3 2019 KRW / USD | |
| Sale | 66.96 trillion / 59 billion | 52.97 trillion / 46.72 billion | 62 trillion / 54.69 billion |
| Operating income | 12.35 trillion / 10.89 billion | 815 trillion / 7.18 billion | 778 trillion / 6.86 billion |
Sales in the smartphone business increased by 50%. Samsung was able to improve cost control, reduce offline promotion spending, and improve revenue over the previous three months. Also, during the summer, people have become more comfortable investing in mobile devices.
In the home appliances division, sales of TVs and home appliances increased, demand for personal computers increased, and sales of laptop computers also performed well. Samsung’s Golden Hen memory business was also strong. In the case of NAND, sales continued as mobile manufacturers continued to launch new models. On the other hand, for DRAM smartphones, profits increase, but server demand offsets it with the expected weak performance.
Samsung’s 2021 forecast shows that mobile demand will continue to grow, at least in the first half of the year, due to 5G networks and increased availability. However, Bloomberg added to the report that the death of Samsung Group chairman Lee Kun-hee and a bribe trial against his son Jay Y. Lee increase uncertainty about the company’s future performance.
The manufacturer also refused to comment on how families pay billions of dollars in inheritance tax-reportedly nearly $ 10 billion.
