The technology slowdown doesn't seem to weigh as much on Samsung as it did in the past.
The company on Wednesday forecast third-quarter operating income of around 12.3 trillion won ($ 10.6 billion), up 58% over the same period last year. Sales soared nearly 5% to 66 trillion won ($ 57 billion).
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The quarter is kind of a rebound for the Korean electronics giant, which saw its operating profit decline 56% over the same period last year.
Samsung didn't say what affected the results, but demand for its chips has likely increased as more people are forced to work from home during the coronavirus pandemic. The company will announce its final results later this month.
Samsung sells more phones and televisions than any other company, but it also has big business selling memory chips to device manufacturers around the world. In the past few months, Samsung's chip business has received a boost from data centers that rely on technology to store everything we do online. Revenue from the company's semiconductor business increased 13% to 18.2 trillion won in the second quarter.
At the same time, the companies Samsung is better known for are struggling. 2020 should be a strong year for the phone industry as innovations like 5G and foldable screens got people back to shopping. Instead, financial problems and concerns about COVID-19 will limit the number of devices businesses can make and the number of phones actually purchased.
In April, Samsung warned that the coronavirus would affect its operations "significantly" in the coming months, but expects smartphone sales in July to increase in the third quarter over the second quarter.
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