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The South Korean company announced today (Thursday) that according to its forecasts, operating profit for the three months between July and September will stand at around 12.3 trillion won ($ 10.6 billion), an increase of 58% from the same period last year. Analysts forecast a 26% increase in profit.
The company also announced that it estimates sales in the third quarter will climb 6% to 66 trillion won ($ 57 billion). Analysts forecast revenue of 63 trillion won ($ 54.5 billion).
Samsung will announce the full third quarter results at the end of the month.
Earlier this year, Samsung was ousted by Wavi, which has become the world’s largest smartphone seller. The decline in Samsung was due in part to the global crisis of the spread of the corona plague, while most of Wawi’s sales are in China, which was among the first economies to recover from the crisis. However, US sanctions on Wawi are hurting the company. This, combined with rising demand for fifth-generation smartphones and a “rapid transition to online marketing,” has helped boost Samsung sales, according to Sack Kim, an analyst at Daiwa.
Millions of people around the world continue to work, play and watch movies from home, so Samsung is also enjoying an increase in its manufacturing division that also provides popular consumer components like monitors and memory chips. “Samsung is expected to benefit significantly more from its competitors from the ongoing boycott of Wavi,” concluded analyst Lee Soo – between Madishine Securities.
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