Oct 29, 2020
Samsung posts highest-ever quarterly revenue
Samsung Electronics has reported record revenues of $59bn in its third quarter. Samsung's mobile and chip businesses were likely boosted by US sanctions against its Chinese rival Huawei. The increase in sales likely reflects Samsung eating into Huawei's market share as US restrictions hit the Chinese telecommunications giant. Huawei has been stockpiling chips ahead of possible US sanctions. The third quarter figures come out a day after the burial of chairman Lee Kun-hee, who helped turn Samsung into a global powerhouse.
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