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30.07.2020

Samsung boasts quarterly results due to strong chip demand

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However, revenue dropped 6% to 53 trillion won

Stocks impacted: Samsung Electronics Co Ltd (005930)

The world’s top maker of memory chips and smartphones posted a 23% jump in operating profit in the second quarter on the back of a 13% surge in DRAM memory chip prices. Samsung’s operating profit rose 8.1 trillion won, from 6.6 trillion won a year earlier. Revenue dropped 6% to 53 trillion won. The company noted that revenue was impacted by lower sales of smartphones and other devices. Samsung is expected to launch the latest version of its flagship Galaxy device and another pricey foldable phone this year. At the same time, the research firm Canalys said that Huawei shipped more smartphones globally than any other vendor in the second quarter, displacing Samsung from the top position for the first time. As such, the company’s shares rose 1.6% following the earnings report but pared gains on the news about Huawei.

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