Samsung says profits have likely gone up, but competition for smartphones is fierce

Samsung says profits have likely gone up, but competition for smartphones is fierce

The South Korean group said on Friday that it expects an operating profit of around 9 trillion Korean won ($ 8.2 billion) for the first quarter from October to December, up from the same period the previous year but somewhat far from analysts’ estimates.

The company forecast sales of about 61 trillion Korean won ($ 56 billion), in line with analysts’ expectations in a survey conducted by Refinitiv.

Samsung (SSNLF) The stock was up 1.8% in Seoul on Friday.

The company did not provide details of the profits, but it will announce the full results of the fourth quarter at the end of this month.

While the demand for some Samsung electronics and other components, such as display panels, is likely to remain strong, The company faces stiff competition in the smartphone market. The Chinese competitor is Huawei He overlooked it for a while Last year, Samsung became the number 1 smartphone seller in the world, while Apple had just launched iPhone supports 5G.

However, analysts expect profits in 2021 to be strong as sales of smartphones and memory chips increase. Analyst Daiwa SK Kim pointed to the upcoming Samsung Galaxy S21 as a bright spot.

“We see [Samsung] The Galaxy S series, its flagship flagship, will launch earlier than before by the end of January 2021, which we believe will lead to a sharp recovery in smartphone charging, ”Kim wrote in a research note earlier this week.

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