Watch
MoneyBusiness

Actions

Samsung expects profit decline as pandemic hits sales

items.[0].image.alt
Copyright Getty Images
David Ramos
<p>BARCELONA, SPAIN - FEBRUARY 22: A logo sits illuminated outside the Samsung pavilion on the opening day of the World Mobile Congress at the Fira Gran Via Complex on February 22, 2016 in Barcelona, Spain. The annual Mobile World Congress hosts some of the world's largest communications companies, with many unveiling their latest phones and wearables gadgets. (Photo by David Ramos/Getty Images)</p>
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.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
How You Can Donate

Find Out How You Can Donate Books to Local Kids