Samsung released its earnings results for between April and June and despite the pandemic, the company’s operating profit jumped 23 percent from the same time last year, reaching $6.81 billion even as its revenue dropped. As more people shifted to working and studying from home, data centers bought more servers that use its memory chips and drove up prices.
It also cited a “one-off gain” in the display business that analysts have linked to Apple. Samsung supplies Apple with screens for iPhones and is guaranteed payment even if shipments are smaller than expected, which happened earlier this year as Apple closed factories and stores.
The rest of the year is also looking surprisingly positive from Samsung’s perspective, as the launch of new game consoles will push sales of RAM chips for their GPUs. It’s also preparing to launch several mobile devices of its own during the Unpacked event next week, including a new Galaxy Note, Galaxy Fold and more.
While we’ve heard a lot about its upcoming mobile plans, Samsung was less specific about its new TV technology. The company is investing billions to build a new plant to produce quantum dot-based TV screens that rival LG’s OLEDs, and will end LCD production entirely by the end of this year. In the release it confirmed that plan, saying “Samsung will continue to meet demand from its LCD customers until the end of the year and accelerate product development based on new technologies such as QD Displays.”