Samsung profits soar as people snap up home tech

Source: Provided by Moneyweb

Samsung has recorded immense profits and increased demand for its products. What are the factors behind this development?

Covid-19 pandemic has forced an increasing number of the formal workforce to work from home. Students and learners have also been adapting to the concept of online learning.

This relatively new working from home arrangement has positively pushed Samsung’s profit margins and business strength.

Consumers are snapping up screens and other gadgets which they need to work or get entertained at home.

The South Korean tech giant saw its fourth quarter profits jump up to 26 percent taking it to approximately 8.2 billion dollars.

Samsung Shares soared 7 percent following the news, they are now up by 67 percent since September 2020.

The world’s biggest memory chip maker has also seen an increase in demand for semi-conductors which is driving demand for chips.

Smartphones are one downside with decreased demand due to competition from other tech giants such as Apple who introduced the sought-after iPhone 12.