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Chips, smartphones help Samsung deliver strong Q3 results
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IANS | 29 Oct, 2020
Samsung Electronics on Thursday delivered a forecast-beating performance
in the third quarter on its better-than-expected chip business and
demand for its mobile and home appliance products amid the pandemic.
The
world's largest memory chip and smartphone vendor said its net profit
amounted to 9.36 trillion won ($8.3 billion) in the third quarter, up
48.9 percent from a year earlier.
Operating profit jumped 58.8
per cent on-year to 12.35 trillion won in the third quarter of the year,
marking its best quarterly performance since the third quarter of 2018,
when it logged an operating profit of 17.5 trillion won.
Sales
rose 8 percent on-year to 66.96 trillion won in the July-September
period, its largest-ever quarterly sales, beating the previous record of
65.9 trillion won in the fourth quarter of 2017.
Samsung
attributed its upbeat performance to firm demand for smartphones and
consumer electronics, while its chip business benefited from rush orders
from Huawei over US sanctions despite a decline in memory prices.
In
India, the company became the top smartphone vendor in the
July-September quarter after over two years with 24 per cent market
share, while its arch rival Xiaomi was second with 23 per cent market
share, according to Counterpoint Research.
But the South Korean
tech giant predicted its fourth-quarter profitability to decline due to
"weakening memory chip demand from server customers and intensifying
competition in the mobile phones and consumer electronics sectors."
Samsung expected the turnaround of server memory demand to happen in the first half of 2021, reports Yonhap news agency.
"Soft
prices in server memory caused by customers' inventory adjustments will
likely weigh down the memory business despite stable demand for mobile
and laptop memory," Samsung said.
"Smartphone sales are likely to decline and marketing costs to increase due to the competitive market environment."
Looking
ahead to 2021, Samsung expected a recovery in overall global demand but
emphasized that uncertainties still remain over a potential resurgence
of COVID-19.
Samsung said its smartphone sales jumped nearly 50
per cent from the previous quarter with the launch of new flagship
models such as the Galaxy Note20 and Galaxy Z Fold2 and robust sales of
mass-market models in key regions including India.
Samsung's
mobile business aims to expand foldable and 5G model offerings globally,
while its display panel business plans to launch new quantum-dot
displays next year.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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