COVID-19: LG profit slumps 38.1%, as Samsung profit rises 7.3% vanguardnews
South Korean tech giant Samsung Electronics defied the coronavirus to report higher net profits in the second quarter Thursday, with strong demand for memory chips overcoming the pandemic’s impact on smartphone sales.
The figures — which beat expectations according to Bloomberg News — come as the coronavirus pandemic wreaks havoc across the world economy, and with the trade-dependent South having entered a recession for the first time in 17 years due to plunging exports. It also minimised the impact of the pandemic by “strengthening online sales channels and optimising costs,” it added.
“The growth is likely to drive by memory chips and displays as both of these products are in high demand due to heavy content consumption during the lockdown,” Prachir Singh, a senior analyst at market observer Counterpoint, told AFP.“India is showing a pent-up demand as the country recovers in the post-lockdown period.
And for the second half of the year, the outlook for Samsung’s mobiles is “still quite uncertain because while lockdowns in some countries are easing, there is a resurgence of cases in some places,” said Gloria Tsuen, a senior credit officer at Moody’s Investors Service.
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