Samsung and LG warn that the worst financial impact of COVID-19 is still to come
Illustration by Alex Castro / The Verge
Samsung and LG just reported their first quarter results for the three-month period ending in March, with earnings largely unaffected by the COVID-19 pandemic. However, both companies warn that the impact will be felt over the current quarter ending in June. Namely, Samsung and LG expect customers to cut back significantly on TV and smartphone purchases.
In Q1, Samsung’s net profit was down slightly compared to the same quarter last year, but revenue was up 5.6 percent overall thanks to strong demand for its server and mobile components. The company said that some of its customers are restocking their chip supplies because of supply uncertainty, Reuters notes. Mobile profitability was also up, although shipments were down. Meanwhile,...
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