August 16, 2022

Samsung, a manufacturer of smartphone and electronics products, said on Thursday its profit rose 59 percent to a two-year high of $ 12,350 billion in the September quarter, or $ 10.89 billion. The company’s profits have increased on the basis of sales of computer memory chips, smartphones and devices.

During this period, the company’s revenue rose eight percent to 66.960 billion won, or an all-time high of $ 59 billion. This is Samsung’s highest revenue of any quarter. “Even as the outbreak of the Kovid-19 pandemic continues across the globe, the opening of major economies has led to a significant boom in consumer demand,” the company said in a statement.

The company said that demand for computer chips has come down and competition in the smartphone and consumer electronics sector has intensified. Due to this, he is expected to lose profit in the current quarter. Samsung has benefited from both the corona virus epidemic and trade stress in the US and China.

Huawei’s market has been disrupted by the US banning Chinese companies. This has led to the loss of Samsung’s largest rival in the field of smartphones, smartphone chips and telecommunications equipment. The US has also taken action against some Chinese companies making semiconductors. Samsung has also benefited from this.