South Korean giant Samsung Electronics has today revealed that the company’s profit for the three months that ended in September, i.e. in Q3 2020, has likely witnessed a growth of 58 percent compared to last year.
As per the company, the operating profit for the third quarter of this year stands at 12.3 trillion Korean won, which is about $10.6 billion. Consolidated sales were approximately 66 trillion won for the quarter, up about 6.5 percent than a year ago.
The numbers revealed by Samsung in its earnings guidance is higher than the 10.5 trillion won that analysts had predicted for the September quarter. In the second quarter, the company had posted a 23 percent jump in operating profit to 8.1 trillion won (~$7 billion).
Samsung has not provided a breakdown of how its different business units performance. However, it is being speculated that the results are driven by a rise in smartphone sales, consumer electronics, and home appliances in the third quarter as well as higher earnings in the memory-related business.
The South Korean giant is in a pretty good position right now and is expected to register further growth in the coming quarters, at the expense of Huawei. The Chinese giant is facing several issues and is currently fighting to keep its business afloat and the biggest beneficiary seems to be Samsung.
Apart from the smartphone business, Samsung is also impacting Huawei in the network equipment business. Last month, the company won a network equipment supply contract from Verizon worth around $6.6 billion.