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Samsung expects jump in Q4 profit thanks to demand for memory chips

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Samsung is expecting a jump in its profits for the last quarter of 2020.

In the last year, Samsung has benefited from increasing internet traffic during the pandemic, which has driven demand for memory chips for servers and computers as more people work from home.

Memory chips were by far the biggest earner for the company.

The profit from its core business is expected to climb by 26 per cent on the previous year to 9 trillion won ($8.2 billion) for the fourth quarter, the South Korean electronics giant said in a statement Friday.

However, the numbers also mark a 27-per-cent drop compared to the previous quarter, which was driven by urgent orders for chips from Chinese telecommunications supplier Huawei.

Huawei is subject to US sanctions.

Samsung expects an increase in sales of 1.9 per cent to 61 trillion won for the last quarter.

The company will present more precise figures at a later date.

Samsung is a market leader for memory chips, smartphones and televisions.

Source: GNA

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