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Samsung beats earnings estimates on recovery of chips, gadget sales

Bloomberg
Bloomberg7/30/2020 09:22 AM GMT+08  • 3 min read
Samsung beats earnings estimates on recovery of chips, gadget sales
Samsung Electronics Co. has reported earnings that beat estimates, and said demand for memory chips is likely to recover in the second half of the year, driven by new smartphones and gaming consoles.
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Samsung Electronics Co. reported earnings that beat estimates and said demand for memory chips is likely to recover in the second half of the year, driven by new smartphones and gaming consoles.

Net income increased to 5.5 trillion won ($4.6 billion) in the three months ended June, the company said in a filing on Thursday, compared with the 4.9 trillion won average of estimates compiled by Bloomberg. Samsung had reported preliminary numbers earlier this month that showed operating profit rose 23%.

The world’s largest maker of memory chips and smartphones had warned of a second-quarter sales slump in its consumer business. However, smartphone sales started to pick up from June after stores reopened and demand for gadgets and TVs revived, according to several analysts including Daishin Securities’ Park Kang Ho. As people continued to stay home and consume internet-based services like movie streaming and video conferencing, server clients rushed orders for memory chips, which lifted prices.

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