fredag 30. oktober 2020

Samsung sees sales surge from rival Huawei's ban

Samsung Electronics has reported record revenues of $59bn (£45.4bn) in its third quarter. The strong revenues were fuelled by a 50% jump in smart phone sales, while profits from microchips rocketed 82%. The Korean tech giant posted a third quarter net profit of $8.3bn, a 49% increase over the same period last year.

Samsung's mobile and chip businesses were likely boosted by US sanctions against its Chinese rival Huawei. The increase in sales likely reflects Samsung eating into Huawei's market share as US restrictions hit the Chinese telecommunications giant. Huawei has been stockpiling chips ahead of possible US sanctions.