Sandra Brown 10/8/2020
Samsung gets the biggest profit from Huawei troubles
Samsung Electronics has shared its third quarter of 2020 financial results. As it turned out, during this period, the corporation's operating profit grew by 58% and became the highest since 2018. One of the reasons for this is Huawei's problems due to US sanctions.
Samsung's operating income in the third quarter of 2020 was 12.3 trillion won ($ 10.6 billion). The company expected lower figures. As for the total revenue, it increased by 6% over the indicated period.
Analysts believe that Samsung has achieved such good performance due to the growth in smartphone sales and the growth in revenue from the sale of memory chips. The good fortune in both of these areas could be attributed to the US sanctions against Huawei, which have plunged the Chinese manufacturer's smartphone sales. In addition, Huawei purchased a lot of chips from Samsung before the ban on selling components to the Chinese came into force.
TAGS: TECHNOLOGIES, SAMSUNG