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Economy: Samsung reports good business figures despite Corona

Last updated on March 9, 2021

Above all, the strong sales of memory chips and consumer devices brought Samsung a good third quarter. The outlook for the coming year remains uncertain.

Samsung reports good quarterly results. (Image: Jung Yeon-Je / AFP via Getty Images)

Samsung has its sales and profits for the third quarter of 2020 presented . Accordingly, the South Korean company made 66.96 trillion won (50.3 billion euros) in sales and 12.35 trillion won (9.2 billion euros) in profit. This made the quarter the financially strongest in two years.

After the corona crisis and the protective measures implemented worldwide clouded business in the second quarter, demand recovered strongly in the third quarter. The profit has increased accordingly by 52 percent compared to the second quarter of 2020, according to Samsung mainly due to the strong demand for smartphones and other consumer devices.

Compared to the third quarter of 2019, profit has increased by 59 percent. In addition to the demand for consumer devices, Samsung also blames the increased sales figures for memory chips for the increase in profits.

Increase in smartphones, among other things

In terms of smartphones, Samsung saw a 50 percent increase in sales compared to the second quarter of 2020. This is partly due to the availability of new models, but also due to cost optimization. TVs and other household appliances in the premium segment also sold well in the third quarter.

For the fourth quarter, however, Samsung does not expect the good numbers to continue. Among other things, expected weaker demand for memory chips and increased competition in the smartphone market are responsible for this.

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For the coming year, Samsung expects a worldwide recovery in demand. However, the economic outlook remains uncertain due to possible further corona waves.

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