Samsung’s revenue to reach 10.5 trillion Won in the third quarter of the year

On Wednesday, Samsung Electronics Co Ltd (005930.KS) stated that it would announce its preliminary operating profit and revenue from July to September 2020 tomorrow.

The world’s biggest memory chip supplier said that the company’s profit climbed by 35% to 10.5 trillion Won (£7.04 billion).

According to Refinitiv Smart Estimate, its analyst expected a 3% rise from Samsung’s third-quarter profit.

Huawei Technologies Co Ltd (HWT.UL) ordered rush memory chips that fuelled strong smartphone sales last month.

“Huawei’s emergency orders from late August drove up Samsung’s DRAM and NAND chip shipments, offsetting the effect of weak prices and limiting the drop in semiconductor profits for the quarter,” HI Investment & Securities’ Analyst Song Myung-sup said.

Micron Technology Inc (MU.O), an American computer data storage producer, posted its market-beating revenue in September 2020.