Samsung unveiled the financial results for the second quarter of 2020 with consolidate revenues of KRW 52.97 trillion (US$ 44.49 billion) and operating profits of KRW 8.15 trillion (US$ 6.85 billion).

(Image: Samsung)

Even as the spread of COVID-19 caused closures and slowdowns at stores and production sites around the world, Samsung has managed minimize the impact of the pandemic by strengthening online sales channels and optimizing costs.

Quarterly operating profit rose 26% comparing to the previous quarter and grew 23% by year, thanks to firm demand for memory chips and appliances, as well as a one-off gain at its panel business unit.

The company is expecting a rebound in earnings from mobile displays in the fourth quarter, as a recovery in mobile phone demand during the third quarter will likely be limited to mid- and low-end models. For large-sized panels, the Samsung will accelerate development of quantum-dot (QD) displays as planned.

The Korean giant also aims to enhance profitability from the Consumer Electronics Division through sales of premium products, including QLED TVs and the home appliance series, and more efficient marketing.