Samsung: Record quarterly sales in the third quarter

The sale of smartphones and Huawei’s struggle with US sanctions have helped Samsung a lot. The Korean automaker posted its highest quarterly revenue in the third quarter of 2020.

According to Samsung, operating profit rose 59 percent year over year to 12.35 trillion won (9.28 billion US dollars) in the third quarter. Net income fell from 6.29 trillion won to 9.36 trillion won (7 billion euros). Sales rose 8 percent to 66.96 trillion won (50.31 billion euros).

According to Samsung, consumer demand for smartphones, computers, televisions and other devices has increased significantly. It must be said that the health crisis played a role. Teleworking and bans in some countries have helped Samsung.

On the smartphone side, the Galaxy Note 20 and Galaxy Z Fold 2 have found their audience. At least that’s what Samsung says. Overall, according to the manufacturer, smartphone sales have increased by 50%.

Now comes the fourth quarter. And Samsung expects a decline in profits for once. He explains that there is little demand for memory chips for servers. There is also a question of competition in the smartphone market. Samsung alludes to the introduction of Apple’s iPhone 12s. However, the manufacturer will continue to be a winner as it produces the OLED screens for most of the new iPhones.