SEOUL, July 30 — Samsung Electronics reported today its net profit grew 7.3 per cent year-on-year in the second quarter, with strong demand for memory chips overcoming the impact of the coronavirus pandemic on smartphone sales. The world’s biggest smartphone and memory chip maker said profits...
Samsung Electronics said profits in the April-to-June period were 5.56 trillion won. — Reuters pic
Operating profit rose 23.48 per cent to 8.15 trillion won, even as sales dropped 5.6 per cent to 52.97 trillion won. The South is highly trade-dependent and exports plunged 13.6 per cent year-on-year in Q2 — the sharpest decline since 1974. It also minimised the impact of the pandemic by “strengthening online sales channels and optimising costs,” it added.‘Pent-up demand’Diplomatic and military tensions between India and China could also play in Samsung’s favour, analysts said, if Indian consumers choose to shun Chinese brands and opt for Samsung devices instead.
More broadly, global sales slumped more than 20 per cent year-on-year in the first quarter, their worst performance ever, according to market tracker Gartner, as the pandemic hit consumer spending.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bursa Malaysia’s net profit jumps to RM86.23m in Q2 | Malay MailKUALA LUMPUR, July 28 — Bursa Malaysia Bhd’s net profit for the second quarter ended June 30, 2020, jumped to RM86.23 million compared to RM46.34 million recorded in the same period last year. Revenue rose to RM179.78 million from RM123.96 million previously, the group said in a filing to Bursa...
Read more »
Huge risk provisions push Deutsche Bank into Q2 net loss | Malay MailFRANKFURT, July 29 — Deutsche Bank reported a net loss of €77 million (RM384 million) for the second quarter of 2020 today, as the fallout from the coronavirus forcing it to more than quadruple its risk provisions. The net loss attributable to shareholders was partly down to the group setting...
Read more »
Samsung teases the reveal of five new products at Galaxy Unpacked (VIDEO) | Malay MailSEOUL, July 29 — On Monday, Samsung published a teaser trailer of the upcoming product reveals set for this year’s Galaxy Unpacked 2020; five new devices currently under wraps will be unveiled on August 5. With Samsung’s Galaxy Unpacked 2020 event just over a week away, the company is...
Read more »
Samsung weighs dropping Bixby as Google dangles new mobile apps deal | Malay MailSEOUL, July 29 — Samsung Electronics Co Ltd is considering dropping its Bixby virtual assistant and Galaxy Apps Store from its mobile devices as part of a new global revenue-sharing deal with Alphabet Inc’s Google, according to correspondence seen by Reuters yesterday. But Samsung said it has...
Read more »
Nissan forecasts US$6.4b annual net loss as virus bites | Malay MailTOKYO, July 28 — Crisis-hit Japanese automaker Nissan today warned of a massive US$6.4 billion (RM27 billion) net loss for the current fiscal year as it reels from the impact of the coronavirus pandemic. Nissan, which had delayed an annual forecast because of ongoing uncertainty, issued the...
Read more »
McDonald’s profits tumble, shifting focus to value amid US economic woes | Malay MailNEW YORK, July 29 — The coronavirus pandemic took a bite out of McDonald’s profits and the Big Mac maker said Tuesday it plans to focus on affordability in upcoming marketing campaigns as US consumer surveys reveal mounting recession fears. But while there is still a lot of uncertainty because...
Read more »