Samsung posts ‘solid’ Q1 results, forecasts weak Q2 profit due to COVID-19
The company’s Q1 operating profit increased by KRW 0.2 trillion ($164 million) in Q1 2020.
What you need to know
Samsung Electronics has announced its Q1 2020 financial results.
The company reported quarterly operating profit of KRW 6.45 trillion ($5.3 billion) and sales of KRW 55.33 trillion ($45.4 billion).
It is anticipating a decline in revenue in Q2 2020 as COVID-19 will impact demand for its core products.
Samsung today announced its financial results for the first quarter of 2020. The company reported total revenue of 55.33 trillion ($45.4 billion) during the quarter, 7.6% lower from the previous quarter. When compared to the same period a year earlier, however, revenue rose 5.6% thanks to increased demand for the company’s server and mobile components.
Operating profit, on the other hand, came in at KRW 6.45 trillion ($5.3 billion), down by KRW 0.7 trillion compared to the previous quarter. Samsung says the operating profit was affected by weak seasonality for some bus…