Samsung expects more profit despite disappointing smartphone market

The South Korean electronics group Samsung expects to have made more sales and profits. That’s despite things not going well in the smartphone market, one of the product categories most important to the company.

The turnover is as expected for the quarterly figures increased by about 20 percent and profits by about 12 percent. The turnover amounts to almost 78 trillion Korean won, which is approximately 59 billion euros. The profit amounts to approximately 11 billion euros. Samsung itself does not provide a breakdown or reasons for the increase. That will only come with the presentation of the quarterly figures for some time.

According to Bloomberg it is mainly due to the higher demand for server chips from the manufacturer. According to the financial news agency, smartphone deliveries fell slightly, partly due to the increased inflation. Samsung itself has not mentioned any figures about its smartphone deliveries for years. However, the prices of the manufacturer’s midrange smartphones fell faster in the Pricewatch than in previous years.

The profit is the highest in the past four years. It is unknown whether Samsung will maintain that growth in the coming quarters. The company is expected to present its new foldable smartphones next month. Due to the relatively high sales price and the increasing demand for foldable smartphones, the company will probably benefit from this in the coming quarter.