Samsung Forecasts Third Quarter Operating Income to Rise Nearly 30%, Retail News, ET Retail


South Korean tech giant Samsung Electronics defied global supply chain challenges, forecasting an operating profit increase of nearly 30% in the third quarter on Friday.

In an official application, the world’s largest smartphone manufacturer expected an operating profit of around 15.8 trillion won (13.3 billion US dollars), an increase of 27.9 percent over the previous year.

The company is the flagship subsidiary of the giant Samsung corporation, by far the largest of the family-controlled empires known as the chaebols, which dominate business in South Korea, the world’s twelfth largest economy.

The total turnover of the conglomerate corresponds to one fifth of the country’s gross domestic product.

Samsung Electronics estimated sales for the period from July to September at 73 trillion won, up 9.0% year over year – a record for every quarter, a spokeswoman said.

The coronavirus has devastated the global economy and has imposed lockdowns and travel bans around the world for many months. But the pandemic, which killed around 4.8 million people worldwide, has also caused several technology companies to boom.

Coronavirus-fueled working from home has increased the demand for devices with Samsung chips, as well as household appliances such as televisions and washing machines.


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