The pandemic's effects are expected to linger in Q4
Just a few days after the announcement that its chairman Lee Kun-hee has passed away, the South Korean conglomerate - Samsung - reported its quarterly earnings.
For Q3 2020, Samsung reported an operating profit that increased 59% to $10.89 billion. The numbers reported were in line with expectations. According to Samsung officials, the increase was due to the boost in demand for smartphones and electronics. The sale of smartphones increased by 50% in the quarter.
Also, in the past quarter, Samsung had the highest-ever revenue, figures coming in at $59 billion.
For the future, Samsung "expects profit to decline in the fourth quarter amid weakening memory chip demand from server customers and intensifying competition in mobile phones and consumer electronics," read the statement. For 2021, Samsung forecasts a recovery in global demand, but it remains cautious given the pandemic's uncertainties.
Despite the overall good results, Samsung stock price lost 1.53% after the announcement.
Read how other companies have performed in Q3 here!
Sources: cnbc.com, Samsung.com