South Korean electronics giant Samsung Electronics made a remark expecting around $10.6 billion in operating profits this year in the third quarter, showing remarkable resilience to the coronavirus pandemic, as compared to the same period in 2019.
According to the Korea Herald’s report, Samsung has logged its biggest operating profit in two years.
In a statement on Thursday, Samsung said it estimated around 12.4 trillion Korean won (about $10.6 billion) compared to 7.78 trillion won in the same period in 2019. With Huawei Technologies faltering, Samsung rose to its feet with its smartphones and consumer electronics’ sales.
The sales for the 3rd quarter gained 3.2% on year as a recovery on sales, covering smartphones and home appliances. The company’s recent launches are the Galaxy Note 20 Ultra, Galaxy Z Flip 5G, Galaxy Z Fold 2, Galaxy Tab S7, and the Galaxy Tab S7+.
The anti-China sentiment as well as the $6.65 billion deal with Verzon Communications to provide wireless communications solutions has further boosted the company’s viewpoint. Additionally, Nvidia chose Samsung as the manufacturer for its latest range of GeForce RTX 30 Series of GPUs.