Samsung Predicts Almost 30% Increase in Third Quarter Operating Profit, Retail News, ET Retail

South Korean tech giant Samsung Electronics defied global supply chain challenges to forecast a nearly 30% increase in third-quarter operating profits on Friday.

The world’s largest smartphone maker said it expected its operating profits to hit around 15.8 trillion won ($ 13.3 billion) in a regulatory filing, up 27.9 billion % year-on-year.

The company is the flagship subsidiary of the giant Samsung group, by far the largest of the family empires known as the chaebols that dominate business in South Korea, the world’s 12th largest economy.

The overall turnover of the conglomerate is equivalent to one fifth of the country’s gross domestic product.

Samsung Electronics estimated sales for the July-September period at 73 trillion won, up 9.0 percent year-on-year – a record for any quarter, a spokesperson said.

The coronavirus has wreaked havoc on the global economy, with lockdowns and travel bans imposed around the world for many months. But the pandemic – which has killed an estimated 4.8 million people worldwide – has also seen several tech companies explode.

Work from home driven by the coronavirus has driven demand for devices powered by Samsung’s chips, as well as home appliances such as televisions and washing machines.