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Samsung expects profit decline as pandemic hits sales

Samsung wants to release smartphone with folding display in 2018
Posted at 9:49 PM, Apr 28, 2020
and last updated 2020-04-29 00:50:01-04

Samsung Electronics Co. says its operating profit for the first three months of 2020 rose 3.4% from a year earlier driven by increasing demands for computer chips. However, the company predicted its profit would decline in the current quarter with the coronavirus pandemic eating into global sales of smartphones, TVs and other products.

The South Korean company's quarterly revenue rose 5.6% from a year earlier. Samsung has seen the demand for chips used in computers and servers increase as broadening outbreaks have force more people around the world to work from home.