Samsung’s profits are up despite COVID-19 pandemic

Photo by Vjeran Pavic / The Verge

Samsung posted better than expected earnings for the second quarter of 2020, with operating profit up 23 percent year-on-year to 8.15 trillion won ($6.84 billion) despite a 6-percent fall in revenue. The Korean conglomerate says it experienced a greater recovery from the impact of COVID-19 than it had initially forecast and managed to optimize its expenditure, even though sales of devices like smartphones were down from last year.

Samsung expects smartphone sales to rise next quarter due to the launch of the Galaxy Note 20 and an unnamed foldable phone, likely the leaked Galaxy Z Fold 2. Its display business, which supplies panels for other device makers, saw demand fall but had earnings boosted due to a “one-time gain.” This is…

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Author: Sam Byford