Business News : Smartphone and electronics products company Samsung profit rose 59% in the September quarter to a two-year high of $12,350 billion Won, or $10.89 billion, Samsung’s highest revenue of all quarters.
The company has benefited from the sale of computer memory chips, smartphones devices.
At the same time, the company said in a statement that, “Even as the outbreak of the Covid-19 continues, the opening of major economies has led to a significant boom in consumer demand.”
The company said that demand for computer chips has come down and competition in the smartphone and consumer electronics sector has intensified. Due to this, it is expected to lose profit in the current quarter.
Samsung has benefited from both the coronavirus and the trade stress of America and China.
Huawei’s market has been disrupted by the US banning Chinese companies. This has led to the loss of Samsung’s largest rival in the field of smartphones, smartphone chips and telecommunications equipment.
The US has also taken action against some Chinese companies making semiconductors. Samsung has also benefited from this.