Samsung Q2 report: mobile business sees increase in sales and profit

Samsung has posted its earnings report for the second quarter of 2021, and the numbers look really impressive - a 20% increase in sales on a yearly basis, and 54% better profits than Q2 2020 when the pandemic lockdowns caused consumers to delay their purchases of electronics.

In its earnings release, Samsung revealed while there might be demand uncertainties in some divisions due to the COVID-19 situation, it expects the market to recover to a 2019 level in the second half of the year.

The IT & Mobile Communications Business at Samsung has reported a 9% increase in sales on a yearly basis, but is down 22% from the previous quarter due to weak seasonality. While profit was 66% higher than Q2 2020, it decreased 26% on a quarterly basis.

Expectations for the second half of the year are for the 5G expansion to continue, but the danger of COVID-19 disrupting component supply is still present. Samsung is aiming to solidify its leadership in the premium segment with the launch of new foldables “based on innovative new products that bolster competitiveness and user experiences” on August 11.

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