Samsung Reports a Record Quarter

Samsung today said that profits soared 58 percent in the most recent quarter to $10.6 billion on record revenues of $57 billion.

The announcement came as it always does, as an estimate ahead of the final tally, and with little more than a few numbers related to profits and revenues only. But they indicate that Samsung’s overall business is healthier than expected, and that the firm could be poised to overtake struggling market leader Huawei for the top spot in the smartphone market.

That said, a big chunk of this success will likely be attributed to Samsung’s chipset business, which has experienced strong sales during the pandemic as consumers around the world raced to snap up PCs and devices of all kinds for home-based learning and work.

Ironically, a lot of those chipset sales come from rivals, including Huawei, which was stockpiling components all years because of a US ban.

Samsung will release its final quarterly earnings report next week.