Samsung expects 53% increased profits amid the global chip shortage
Samsung is reportedly expecting a notable 53% increase in its quarterly profit following a very healthy demand for memory chips during the global semiconductor shortage. One of the largest electronics manufacturers in the world forecasts a profit of nearly $11 billion for the quarter that ended with June.
This uptrend can be attributed to strong sales of memory chips, which is offsetting the weakened sales of TVs, phones, and other electronics in the first couple of months into the coronavirus pandemic and is shaping up to be Samsung's biggest quarter since 2018.
As more and more people stayed and worked from home, the demand for electronics has surged, and Samsung is finally bringing home the bacon thanks to this. This is all despite the chip shortage that's plaguing not only the smartphone, but many other industries and businesses as well.
Of course, the exact figures remain to be confirmed in the financial report released later this month, but Samsung will easily beat analysts' expectations by a lot.
Samsung is one of the largest semiconductor manufacturers globally, a leading contractor that produces chips for Apple, Qualcomm, and others. Samsung is reportedly working closely with its overseas partners to mitigate any supply disruptions that may arise as a result of the disruption.
Recently, we've heard rumors that Samsung might have been forced to postpone the release of its anticipated Galaxy S21 FE to Q4 2021 due to the chip shortage. Another concession is reportedly resorting to using Exynos chips alongside Qualcomm's Snapdragon solution. There's even rumors that the phone could skip some markets due to the same reasons.
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