Jul 30, 2020

Coronavirus: Samsung profits soar on work from home demand

Samsung Electronics has seen its earnings soar as sales were boosted by millions working and learning from home during the virus pandemic. The results were helped by strong demand for computer chips, which pushed up prices on the global market. "The Memory Business saw robust demand for cloud applications related to remote working and online education as the impact from Covid-19 continued, while demand for mobile was relatively weak," the South Korean company said in a statement. "The smartphone market is expected to witness intensifying competition amid a gradual recovery in demand in the second half of the year," it said. Despite Covid-19 causing lower demand technology brands continue to release new handsets.

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