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Samsung 2020 Q1 results reveal increased profits from smartphones

Samsung Electronics announced the first quarter 2020 results which reveal that the mobile business reported increased operating profit despite the COVID-19 pandemic.
Samsung 2020 Q1 results reveals increased profits from smartphones
Samsung Galaxy S20 series

Despite the COVID-19 pandemic, Samsung profits

Courtesy to GSMArena for table
Courtesy to GSMArena for table

Samsung published its January to March 2020 quarterly report that reveals a slight revenue decrease but with increased profits compared to Q1 2019. In the published report, Samsung's Mobile division earned  6.45 Trillion KRW or 5.34 Billion USD in Q1 2020. 

The mobile business reports less revenue compared to a year ago but with increased operating profits. This means that despite the decline in units shipped, the Galaxy S20 along with the growing 5G mobile line-up allowed Samsung to maintain a profit.

The Korean giant expects a sharp drop in most regions caused by the COVID-19 economic downturn. This means that Samsung expects both sales and overall business performance will decline as many stores were closed, and as many people were left without income source, which results in less purchasing power.

Samsung is focusing on minimizing the impact by intensifying the overall smartphone market competition. 

Lastly, the company reveals that new foldable and Note-series models should be expected as well as improved 5G mass-market adoption.

To recall, Samsung is the world's largest mobile phone maker.

What do you guys think?

Sources: SamsungGSMArena
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