Samsung has announced its financial results for the first quarter of 2020, the company has total revenue of KRW 55.33 trillion, which i down 7.6% on the same time last year.
This is partly due to the effects of the global pandemic with COVID-19 and partly due to ‘weak seasonality’ with Samsung’s display business.
Samsung Electronics today reported financial results for the first quarter ended March 31, 2020. Total revenue was KRW 55.33 trillion, a decrease of 7.6% from the previous quarter mainly due to weak seasonality for the Company’s display business and Consumer Electronics Division and partially due to effects of COVID-19. From a year earlier, revenue rose 5.6% due to increasing demand for server and mobile components.
Operating profit was lower by KRW 0.7 trillion quarter-on-quarter to KRW 6.45 trillion, affected by the same factors that weighed on revenue with a corresponding decrease in operating margin, even though memory earnings were higher. Compared with a year earlier, operating profit increased by KRW 0.2 trillion with an improved product mix in the mobile business and additional diversification of the Company’s customer base in mobile OLED.
Samsung saw overall demand for its smartphones fall over the previous year. You can see Samsung’s full 2020 first quarter results over at their website at the link below.