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Samsung Forecast Q3 Profit Up 58% YoY

Samsung Electronics has forecast a 58% jump in third-quarter profit, seemingly prompt by robust chip demand during the coronavirus pandemic.

The Korean tech giant is expecting Q3 operating profit of around US$10.6 billion – up 58% year-on-year – with revenue jumping 6% to US$57 billion.

It follows a significant turnaround for the company, formerly reporting a 56% decline in operating profit for the year-ago period.

The company is set to offer final results later this month, and has not explicitly attributed factors for the operating profit boost.

Consensus is, a boost in remote working prompt significantly higher chip demand from device makers and data centres.

Back in April, Samsung warned COVID19 would “significant” hurt performance, but has since moved to offer a more upbeat smartphone sales forecast for Q3.

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