Samsung has published a report on its projected earnings for the third quarter of this year, and despite the coronavirus pandemic, it is quite optimistic. Specifically, it expects sales to reach 66 trillion won (approximately 1,3 trillion crowns) and operating profit to be 12,3 trillion won (approximately 245 billion crowns).
The company's revenue beat market expectations thanks to higher sales of home appliances, semiconductor chips and smartphones. Compared to last year's figures, the company's operating profit rose by 58% from 7,78 billion. won (converted from roughly 155 billion crowns) and sales increased by 6,45% from 62 bil. won (1,2 trillion CZK). Sales and operating profit in the second quarter of this year amounted to 52,97 billion. won (roughly a trillion crowns), or 8,15 billion won (about 163 billion CZK).
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While the report did not include revenue forecasts for the Samsung Electronics division, the smartphone business is expected to do well thanks to solid sales of the series phones Galaxy A a Galaxy Note 20. Apparently, home appliances and TVs also sold well, thanks to accumulated demand in various countries around the world in connection with the opening of economies after the lockdown period.
The tech giant also appears to have cut costs on offline marketing due to the pandemic, leading to higher profits. Despite the drop in memory chip prices, Samsung is believed to have done well in this segment as well - thanks to increased demand for servers. Likewise, the display and computer chip segment is expected to perform well in connection with the launch of new Samsung client products in the third quarter.
