Samsung Electronics Forecasts Profits Jump Despite Virus

This file photo taken on October 11, 2016 shows the Samsung store in Paris. Samsung Electronics France was charged in April 2019 with “deceptive marketing practices”.Samsung Electronics forecast a 23-percent rise in second-quarter operating profit Tuesday, with strong demand for memory chips and displays overcoming the impact of the coronavirus pandemic on smartphone sales.

Similarly, TV sales, which have been on a long-term decline, were “moving upward as people spend more time at home”, said James Kang, an analyst at market observer Euromonitor International Korea. The firm is the world’s largest smartphone maker, accounting for 20 percent of global market share in the first quarter — ahead of China’s Huawei with 17 percent and Apple on 14 percent — according to Counterpoint.

“Going into the third quarter, we expect the sales figure to rise,” he added, predicting smartphone sales in the “low 70 millions” for July-September. LG Electronics, South Korea’s second-largest appliance firm after Samsung, forecast second-quarter operating profits would plunge 24.4 percent year on year to 493.1 billion won.Samsung Electronics is crucial to South Korea’s economic health.

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