The COVID-19 pandemic might be hurting some businesses, but it seems to have significantly helped Samsung Electronics, according to the company’s Q3-2020 earnings guidance statement Thursday.

The South Korean consumer electronics giant reported a Q3-2020 operating profit of 12.3 trillion won (approximately $10.6 billion) and 66 trillion won (approximately $57.2 billion) in sales.

The guidance statement showed sales rose 24.6% over Q2-2020 and 6.5% year over year. Operating profits were up 50.9% from the previous quarter and a whopping 58.1% from a year earlier.

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The announced results significantly exceeded forecasts of many analysts. It also marked the first time in seven quarters that the company had posted more than 10 trillion won in operating profits.

Although not addressed in the guidance data, Samsung is believed to have benefited from a rise in both finished products and component sales. This includes higher expected sales for both TVs and 5G smartphones as people were social distancing and sheltering at home.

In addition, the company is expected to have benefited from stronger sales of components, including sales of secure chips to China’s Huawei, which likely placed heavy orders ahead of U.S. sanctions.

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By Greg Tarr

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