Samsung has reported its highest revenue ever, thanks to a boost in flagship phone sales, according to its Q3 2020 earnings report.
The tech giant reported 66.96 trillion won (about $78 billion CAD) in revenue for the quarter. Samsung notes that it was able to “respond aggressively” to customer demand following COVID-19 disruption.
“Even as the COVID-19 pandemic continues around the world, reopening of key economies led to significant increase in consumer demand,” Samsung stated.
“Samsung Electronics was able to respond aggressively through flexible global supply chain management, reporting its highest-ever quarterly revenue.”
The tech giant’s mobile sales are up 51 percent when compared to the same period a year ago. It’s worth noting that Samsung launched several flagship phones in the previous quarter, including the Galaxy Note 20 line, the Galaxy Z Fold 2 and the Galaxy Z Flip 5G.
The South Korean tech giant has warned investors of lower profits in the coming quarter due to high competition in the market and an expected slump in memory demand.
Since Apple’s annual iPhone launch was purchased into October, Samsung was able to launch its new phones without having to go up against its biggest competitor.
The two companies will also now be competing for the extra market share due to Huawei’s decline in production and sales.
In terms of 2021, Samsung plans to “expand sales by further differentiating flagship line-up by reinforcing competitiveness of foldable phones to increase their popularity; and by strengthening 5G lineup for the mass market Continue effort.”