From CNET: The pandemic-caused lull in demand for phones appears to be over, at least for Samsung. The company on Wednesday reported its highest ever quarterly revenue, thanks to "significant increase in consumer demand" for its smartphones, computers and other products.
The company reported its third-quarter operating profit soared 59% from the previous year to 12.35 trillion won ($10.9 billion), while its net profit jumped to 9.36 trillion won ($8.2 billion) from 6.29 trillion won. Sales climbed 8% to 66.96 trillion won ($59 billion), better than the 64.7 trillion won ($57 billion) expected by analysts polled by Thomson Reuters.
Samsung said it saw "a boost in demand for smartphones and consumer electronics as well as efficient cost management." It also benefited from stronger sales of memory chips and other consumer products. "Even as the COVID-19 pandemic continues around the world, reopening of key economies led to significant increase in consumer demand," Samsung said in a press release.
Still, Samsung warned its rebound may be short-lived. The company expects its profit to decline for the last three months of the year as server customers buy fewer memory chips and as competition heats up in smartphones and other consumer electronics. Apple, in particular, will be a tough rival for Samsung this quarter. The company introduced four new iPhones, all of which come with 5G connectivity.
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