Samsung’s profits rose in 2020 despite the pandemic

Samsung’s profits rose in 2020 despite the pandemic

Photo by Vjeran Pavic / The Verge

Samsung Electronics has reported its fourth-quarter earnings, confirming that the company made more money in 2020 than the year before despite the challenges of the COVID-19 pandemic. Operating profit was up to 35.99 trillion won ($32.1 billion) off 236.81 trillion won ($211.5 billion) in revenue, increases of 29.6 percent and 2.78 percent respectively.

Samsung says its fourth-quarter results were helped by its “company-wide efforts to ensure a stable supply of products and services globally” in the pandemic environment. Quarterly profit was up 26.4 percent year-on-year, largely driven by the display and memory businesses, though the latter was down quarter to quarter.

Samsung’s display business had its highest ever quarterly earnings,…

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