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Samsung Electronics posts largest-ever quarterly sales in Q3 Updated: 2020-10-29 10:02:18 KST

Samsung Electronics posted its biggest operating profits in two years in the July to September period, thanks to increased demand for home appliances and semiconductors.
South Korea's leading tech giant announced Thursday that its operating profits amounted to some 10.9 billion U.S. dollars, an almost 59 percent jump from the previous year.
This came on the back of all-time high quarterly sales, amounting to around 60 billion dollars.
It was also a good quarter all sectors in general, including complete products and parts.
Among the others, increased demand for mobile phones and home appliances largely contributed to the bumper figures.
The operating profit of Samsung's smartphone division jumped around 50 percent, marking its largest spike in six years.
Market watchers say this jump reflects Samsung's increased market share after its Chinese rival Huawei was hit by U.S. sanctions.
Beating the market's previous forecasts, operating profits for semiconductors also exceeded the previous quarter at some 4.8 billion dollars.
The price of DRAM chips declined as many tech companies have already stocked up, but it was buffered by high demand for IT products due to increased social distancing.
Chinese tech giant Huawei also contributed to Samsung's sales as they stockpiled memory chips following the U.S. restrictions.
However, some experts assume Samsung's performance in the final quarter of 2020 could fall as it has lost Huawei as a major customer.
Kim Sung-min, Arirang News.
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