Pandemic wreaking havoc across the global economy. However, this is working for Samsung’s benefit, as people around the world are not leaving home. Samsung Electronics has been one of the major tech giants to explain earnings figures since the Corona virus pandemic has erupted. However, the company remains unaffected by the Corona virus crisis.
New announcement for Samsung’s earnings
In a report released today, Samsung said its first quarter revenue was $ 45 billion, an increase of 5 percent. The company’s operating profit is expected to increase by three percent to $ 5.23 billion.
Samsung has not yet commented on its earnings. But the following is shown as a description of the company’s profits even in the Corona virus pandemic. As millions of people working from home are turning to cloud data services under the pandemic measures, it is reported that the demand for Samsung’s chips has increased.
Tom Kang, an analyst at Hong Kong-based market researcher Counterpoint, said, “There is a high demand for memory chips for data servers because more and more people are working from their homes because of the outbreak. We are also seeing an increase in demand for laptops because there are many companies that are not ready to work digitally. ” said.
Samsung does not disclose net profit
It seems inevitable that Samsung is particularly affected by retail closings, disruption of the supply chain and financial uncertainty. It may not have been reflected in the company’s results yet, but this will depend on how far the pandem is extended. Apple has already announced that the predictions for the quarter will not be valid due to the effect of the Corona virus. Samsung retains its net profit and business performance data by industry until we release the expected final earnings report later this month.