Samsung has posted its earnings guidance for the third quarter of 2020 ended in September, estimating consolidated sales of roughly 66 trillion Korean Won (approximately $57.3 billion). The company"s expectations also put its consolidated operating profit at around 12.3 trillion Won (approximately $10.7 billion).
Compared to its earnings results during the same period last year, Samsung’s operating profit has increased by 58% from 7.78 trillion and its sales by 6% from 62 trillion. In addition, the South Korean company’s sales in the previous quarter were 52.97 trillion (approximately $44.33 billion), which marked a 6% drop from a year ago. That said, its operating profit during Q2 2020 was 8.15 trillion (approximately $6.82 billion), representing a 23% increase year on year.
Reuters noted that Samsung"s figures have been buoyed by its smartphone and chip sales, beating estimates by analysts. U.S. trade restrictions against Huawei have also presumably boosted Samsung"s numbers for Q3 2020. It"s interesting to see Samsung"s profits rise amid the global health crisis, which has seriously affected most other businesses. It should be noted that the figures are not final yet and Samsung will release its earning results by the end of this month.