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Samsung Electronics announced 4th quarter net profits, sees 26% growth.

Samsung US Profits Revenue
Samsung sees huge demand amid global pandemic

The global pandemic has forced to increase demands for users to work from home and in turn generate huge profits for the company.

Samsung Electronics, the world’s largest cellphone and memory chip maker, on Thursday suggested a 26-per cent upward push in fourth-quarter net earnings year-on-year, with pandemic-pushed operating from home boosting call for for gadgets powered by its chips.

The company stated earnings in October to December rose 26.four per cent year-on-year to 6.61 trillion won ($5.97 billion).

Operating income rose 26.four per cent to 9.05 trillion won, whilst income had been additionally up 2.8 per cent at 61.55 trillion won.

The coronavirus has wreaked havoc with the arena economy, with extensive lockdowns and tour bans imposed around the world for many months.

But the pandemic — which has killed more than million people worldwide — has additionally visible many tech agencies boom, inclusive of Samsung.

Samsung Electronics Rides Pandemic-Driven Chip Demand to Report Quarterly Profit  Spikes | Technology News

Samsung Electronics is critical to the South’s economic health — its average turnover is equal to a 5th of the country wide gross home product.

It is the flagship subsidiary of the large Samsung group, through far the biggest of the family-managed conglomerates called chaebols that dominate enterprise in the world’s 12th-largest economy.

“With clients spending greater time at home, it led the boom of top class appliances such as big TVs and fridges,” stated James Kang, senior studies analyst at Euromonitor International.

The figures come simply days after the firm’s de facto chief Lee Jae-yong turned into sentenced to two and a half years in prison in a retrial over a sprawling corruption scandal delivered down former president Park Geun-hye.

That ruling cast similarly uncertainty over Samsung after the burial of overdue chairman Lee Kun-hee, who turned Samsung Electronics right into a international powerhouse, in October.

Written by Max Friedman

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