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Samsung Electronics records highest sales for 3rd quarter

Samsung Electronics records highest sales for 3rd quarter

Posted October. 30, 2020 07:21,   

Updated October. 30, 2020 07:21


Samsung Electronics reported 67 trillion won in sales for the third quarter of the year, the highest since the company was founded.

The South Korean company announced Thursday that it earned 66.96 trillion won in sales and 12.35 trillion won in operating profit in the third quarter. Samsung’s major categories including smartphones, household appliances and semiconductors drove the increase. The Korean giant sold more semiconductors by one trillion won than its record of 65.98 trillion won in the fourth quarter of 2017, which was the semiconductor super cycle.

The significant increase in the third quarter is also attributed to a spike in consumer demand, which shrank due to COVID 19 amid the COVID-19 pandemic, in IT devices and consumer electronics.

Samsung Electronics paid tribute to Samsung Group Chairman Lee Kun-hee who passed away on Sunday during the conference call. “Chairman Lee Kun-hee was a true visionary who enabled Samsung’s transformation from a small electronics company to a global IT business,” said Seo Byeong-hun, the IR team head. “Everyone at Samsung Electronics will cherish the memories of him.” He then went on to say that consumer demand grew more than expected and the company harnessed its well-managed global supply chain to meet the demand, adding that demand rebound was seen mostly in mobile components such as semiconductors and displays.

Dong-Il Seo dong@donga.com