Samsung Electronics Co. said Tuesday its operating profit for the last quarter likely rose 23 per cent from the same period last year, helped by robust demand for memory chips used in personal computers and servers as the coronavirus pandemic has more people working from home.
The South Korean technology giant will release more detailed information when it announces its finalized earnings later this month. It projected its operating profit during the April-June period will be 8.1 trillion won . The company's revenue for the quarter is forecast to fall 7 per cent to 52 trillion won .
After reporting a 3.4 per cent increase in operating profit in the first three months of the year, Samsung said in April it expected its second-quarter profit to decline with the pandemic pushing down sales of smartphones, TVs and other products. Analysts say Samsung, which is the world's largest provider of semiconductors, is continuing to benefit from robust chip demand generated by PCs and servers. It's likely that the pandemic is also forcing the company to spend less on marketing due to travelling restrictions.Visitors try out Samsung Electronics' Galaxy Z Flip smartphones at its shop in Seoul, South Korea, Tuesday, July 7, 2020.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'The impact was catastrophic': Vancouver Island skydiver dies attempting complex landing maneuverAn experienced skydiver has died after a jump went tragically wrong Sunday night.
Read more »
Aurora announces another management shake-up as further layoffs loomAmid company layoffs and facility closures, Aurora Cannabis has appointed a new chief commercial officer. — via TheGrowthOp
Read more »
FDA head refuses to defend Trump claim that 99 per cent of COVID-19 cases are 'harmless'The commissioner of the U.S. Food and Drug Administration declined to defend U.S. President Donald Trump's unfounded claim that 99 per cent of coronavirus cases are 'totally harmless' and repeatedly refused to say whether Trump's remark is true or false.
Read more »
Death toll in Ethiopian protests after killing of singer jumps to 156The protests were sparked by the assassination of musician Haacaaluu Hundeessaa on Monday night
Read more »