In its latest earnings release, Samsung confirmed that it will release new foldable smartphones soon and attempt to make the category “mainstream.” It also showed that it doesn’t need mobile to make money, as it boosted earnings by 20 percent to 63.67 trillion won ($55.56 billion) and saw an operating profit of 12.57 trillion won ($11 billion). That’s despite the fact that its mobile division saw revenue fall over the previous quarter due to component shortages and COVID-related factory issues.
As you might expect given the current shortage, Samsung’s chip business dominated its earnings this quarter, accounting for more than a third of total revenue and over half its profits. That was helped by price increases in categories like memory and display panels. The company’s consumer electronics division also saw growth thanks to premium TV sales and appliances.
While the mobile division fell off due to weaker seasonal demand, a component shortage and COVID-related closures at its Vietnam factories, the company did make some interesting comments about the business. It said it would “solidify its leadership in the premium [mobile] statement by mainstreaming the foldable category” — meaning we might see cheaper foldable phones in the near future.
Samsung revealed that it’s working on new under-screen camera technology, as well. It also confirmed that it would introduce new foldable products soon, likely referring to its August 11th event in which its expected to announce follow-ups to the Z Flip and Z Fold 2.
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