Samsung says it made a profit of $6.4 billion this quarter.
What you need to know
- In its Q3 2019 earnings guidance, Samsung is forecasting a profit of $6.4 billion.
- Overall revenue for the quarter is at $51.3 billion, with the mobile business gaining momentum.
- We’ll get a full breakdown later this month, but the profit forecast is $800 million more than what Samsung managed in Q2 2019.
After enjoying record-breaking quarters for most of the last two years, Samsung saw a huge decline in profits in Q2 2019 as the memory market faced a slowdown in sales. Things are once again starting to look up for the South Korean manufacturer, with Samsung forecasting a profit of $6.4 billion (7.7 trillion won) in its Q3 2019 earnings guidance.
For what it’s worth, the profit figures are still 56% down from what the brand managed the same time a year ago, but it is $800 million more than Q2 2019. Year-on-year revenue also saw a decline to $51.3 billion (62 trillion won), but it is $3.9 billion more than the last quarter. Both numbers are higher than analyst estimates.
The boost in profit is driven by strong sales of the Galaxy Note 10 series and uptick in the OLED business. Samsung outfits the panels on iPhones, and the introduction of the iPhone 11 series has worked out favorably for Samsung’s OLED unit.
We’ll have to wait until the end of the month — which is when Samsung releases its full earnings figures — to get the breakdown from each business unit, and for now it looks like the mobile and OLED businesses are able to stave off the decline. But it will be a while before we see anything along the lines of what Samsung managed over the last two years.
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