Samsung today announced its financial results for the first quarter of 2020. The company reported total revenue of 55.33 trillion ($45.4 billion) during the quarter, 7.6% lower from the previous quarter. When compared to the same period a year earlier, however, revenue rose 5.6% thanks to increased demand for the company’s server and mobile components.
Operating profit, on the other hand, came in at KRW 6.45 trillion ($5.3 billion), down by KRW 0.7 trillion compared to the previous quarter. Samsung says the operating profit was affected by weak seasonality for some businesses such as consumer electronics and effects of COVID-19. It expects overall earnings for the second quarter to decline as demand for smartphones and consumer electronics is likely to decrease sharply because of the pandemic.
Sign up for ExpressVPN today and save 49%
Samsung’s Mobile Communications division posted…