The coronavirus pandemic has made 2020 by far the most challenging year in history for the vast majority of the world’s smartphone vendors, but while Samsung can’t be happy about losing the top spot in Q2 global shipments to Huawei, the latest overall financial results posted by the Korea-based tech giant are actually pretty remarkable.
That’s an incredible achievement Samsung attributes primarily to its still-thriving memory business, as well as a one-off gain generated by the display panel division. But the Galaxy smartphone portfolio was also single-handedly responsible for a KRW 1.95 trillion (USD 1.6 billion) profit during Q2 2020, up from 1.56 trillion won in Q2 2019.
Unsurprisingly, smartphone revenue took a pretty big hit from both Q2 2019 and Q1 2020, while the division’s profits also declined compared to the first three months of this year. But Samsung expects its “stronger product mix” and the gradual recovery of the “overall mobile market” to improve this somewhat disappointing number during the second half of the year.
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