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

Even in a pandemic, Samsung's 2020 results are up.
A man walks past an advertisement for the Samsung Galaxy S20 Ultra smartphone at a showroom in Seoul on July 30, 2020. - Samsung Electronics reported on July 30 its net profit grew 7.3 percent year-on-year in the second quarter, with strong demand for memory chips overcoming the impact of the coronavirus pandemic on smartphone sales. (Photo by Jung Yeon-je / AFP) (Photo by JUNG YEON-JE/AFP via Getty Images)
JUNG YEON-JE via Getty Images
Richard Lawler
Richard Lawler|@Rjcc|October 7, 2020 11:57 PM

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