Samsung has announced its Q3 financial results, and the results are actually great. Samsung did say that its profits will go up despite the pandemic, and things are looking great for the company. Samsung’s mobile sales managed to skyrocket compared to the same period last year.
Samsung’s mobile sales skyrocket despite the pandemic
To be more accurate, the company’s operating profit in the mobile division is up 51-percent over the same period last year. Samsung says that this happened mainly thanks to flagship device launches. Devices such as the Galaxy Note 20 series and the Galaxy Z Fold 2 definitely contributed to it.
Samsung Electronics’ operating profit in the July-September quarter hit 12.35 trillion won ($10.9 billion). For those who are keeping track, that is a 58.8-percent boost over the same period last year. So the smartphone business is not the only one who flourished.
The company’s display business also grew. The company sold a lot of displays to other companies, including Apple, who secured iPhone 12 displays. Samsung’s memory chip business also grew, along with several other aspects of the company.
Next quarter won’t be as successful
Samsung did warn to expect lower profits in the coming quarter. Why? Well, the company expects a slump in memory demand and higher competition in the smartphone market.
Still, these are amazing results for Samsung, especially in times such as these. The company managed to increase its profit considerably, despite the pandemic.
The coming quarter will not be as successful, but Samsung will, without a doubt, secure a massive profit yet again. If you’d like to take a look at the full report the company shared, you can do so by clicking here. The company did talk about each aspect of its business in the last quarter.
Samsung is not expected to launch any new flagship devices in Q4. The Samsung Galaxy S (including the S20 FE) and Note lineups are out. Some budget phones may arrive to market, but not flagship ones. That’s one of the reasons why the company is not expecting such high profits in the mobile department either.