As the economy begins to open up across the globe and many businesses are getting back on their feet, Samsung - which also saw a lull in demand for phones during the pandemic - is beginning to see the light. Companies took a heavy financial knock, resulting in these firms shedding employees.
The Chinese tech giant is said to have released its highest-ever quarterly revenue as the demand for smartphones and other gadgets spikes.
According to CNET, the company reported its third-quarter operating profit soared 59% from the previous year to 12.35 trillion won ($10.9 billion), while its net profit jumped to 9.36 trillion won ($8.2 billion) from 6.29 trillion won. Sales climbed 8% to 66.96 trillion won ($59 billion), better than the 64.7 trillion won ($57 billion) expected by analysts polled by Thomson Reuters.
Samsung said it saw a boost in demand for smartphones and consumer electronics as well as efficient cost management. It also benefited from stronger sales of memory chips and other consumer products. Even as the COVID-19 pandemic continues around the world, reopening of key economies led to significant increase in consumer demand.
The company's smartphone sales rose sharply from the previous quarter, with the launch of new flagship models such as the Galaxy Note 20 and Galaxy Z Fold 2, as well as stronger sales of mass-market models in key regions including India.
In the previous week Samsung Electronics announced that it has become the fifth brand in the 'Best Global Brands 2020' list announced by Interbrand, a global brand consulting company.
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