It has been reported that Samsung faced a record-breaking profit with revenue of over $59bn. After trump sanctioned products of the Chinese titan company, Huawei, Samsung’s market drastically grew with a 50% surge in mobile phone sales and 82% more profit from microchips sales.
Subsequently, On Thursday the company remarked that its operating profits reached a two-year high of 10.89 billion, a 59%increase from its previous year.
Microchips are found in all sorts of electrical appliances such as televisions to all sorts of mobile phones, laptops, and electronics, to their fortune. In recent weeks Samsung contracted with leading chip-making giant AMD who announced that they’ll buy Xilinx for $35bn.
Critics argue on how Samsung is eating into Huawei’s market in the US, their views fueled by the US department of commerce statement in August stating that if any company is to sell chips to Huawei they are to obtain a license first otherwise they’d be sanctioned.
Samsung further savored huge profits from their sale growth of Premium TVs and appliances from July to September.
The revenue was further skyrocketed by 8%, 67.96 trillion won, due to the corona pandemic, after the successive sale of chips, and appliances,
Success however comes with its own set of problems, Samsung’s previous head Lee-Kun-Hee parted from this world and his successor Lee-Jae-Yong has faced charges of fraud twice whilst fighting battles to assist sales to pay a huge inheritance tax bill with other hires.
Lack of competition seems to be working in Samsung’s favor!