Samsung reports a large increase in its profit in Q2 2020 - as the COVID 19 pandemic increases demand for memory chips, and also as a result of a one-time $950 million penalty payment from Apple following lower OLED orders.

Samsung Galaxy A21 photo

Samsung's net profit in Q2 2020 totaled $4.67 billion (an increase of 7% from Q2 2019), while its revenues were $44.4 billion (down 6% from last year).

Samsung still sees a slowness in the smartphone market, and it sees demand in Q3 2020 likely to be limited to mid- and low-end phones. A full-fledged rebound in earnings from mobile displays is only expected in Q4 2020. The COVID-19 pandemic still means there are "unfavorable business conditions" - although Samsung sees improved demand for monitors as more people worked from home.

There are still risks ahead, but Samsung sees increased demand in H2 2020 as "major customers are planning to launch new products".



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