Samsung's quarterly profit is up 58 percent from last year

Even in a pandemic, Samsung's 2020 results are up.

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Samsung’s guidance for its Q3 earnings is in, and the company expects an operating profit of $10.6 billion. That’s up 58 percent from the year before. A detailed breakdown will come later, but Reuters reports analysts who suspect that higher mobile phone sales — probably more from midrange handsets than its just-launched high end devices like the Galaxy Note 20 — and graphics chips for new gaming consoles contributed to the results.

Another major element they pointed to a is a possible “rush order” of chips from Huawei, as the Chinese manufacturer stockpiled hardware ahead of US restrictions going into place. Aside from those guesses, another analyst on CNBC noted Samsung is expected to see a boost in the fourth quarter as it supplies parts for the new iPhones that will debut in October.

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