Samsung Anticipating Rise In Profits For Third Quarter

The slowdown of the world has had its implications on the tech landscape. With numerous launch events cancelled, release dates delayed, it has been an all out tussle for the tech landscape to get their balance back.

As the world resumes to its regular pace, tech giants are crawling out of the holes the pandemic tossed them in. It seems like Samsung is shrugging off its recent woes, and holding a light to what the future may bring.

The company on Wednesday predicted its operating profit for the third quarter would come in around $10.6 billion, an increase of 58% compared with the year-ago period. It also said its revenue increased by nearly 5%.

The quarter represents a rebound of sorts for the Korean electronics giant, which in the year-ago period reported a 56% decline in operating profit.

It likely that Samsung received a boost in demand for its chips as more people are forced to work from home during the coronavirus pandemic. The company will report its final results later this month.

Samsung sells more phones and TVs than any other vendor, but it also has a huge business selling memory chips to device makers around the globe. In recent months, Samsung’s chip business has gotten a boost from data centres that rely on the technology to store everything that is happening online.