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Samsung Electronics 2Q Operating Profit Jumps 22.7% Annually despite Pandemic

Written: 2020-07-07 09:26:35Updated: 2020-07-07 09:36:38

Samsung Electronics 2Q Operating Profit Jumps 22.7% Annually despite Pandemic

Photo : YONHAP News

Samsung Electronics has posted a significant increase in operating profit in the second quarter despite the COVID-19 outbreak. 

The tech giant estimated on Tuesday that its operating profit for the April to June period stood at eight-point-one trillion won, up 22-point-seven percent from the same quarter last year. It jumped 25-point-six percent from the first quarter. 

The surprise earnings, which hovered around a local brokerage consensus of six-point-five trillion won, was attributed to strong semiconductor sales driven by growing demand for pandemic-induced non-contact services. 

Samsung's sales, on the other hand, dropped seven-point-four percent on-year to 52 trillion won, which was also six percent lower than the previous quarter. 

The quarterly operating profit margin climbed to 15-point-six percent, the highest since the fourth quarter of 2018.

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