About: http://data.cimple.eu/news-article/f163616fae41c322484c9d244157d7af53b4ff7d6cbaf68e2ac0d877

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About: http://data.cimple.eu/news-article/f163616fae41c322484c9d244157d7af53b4ff7d6cbaf68e2ac0d877 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Samsung Electronics reported Thursday its net profit grew 7.3 percent year-on-year in the second quarter, with strong demand for memory chips overcoming the impact of the coronavirus pandemic on smartphone sales. The world's biggest smartphone and memory chip maker said profits in the April-to-June period were 5.56 trillion won ($4.66 billion). The firm is the flagship subsidiary of the giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in the world's 12th largest economy, and it is crucial to South Korea's economic health. The figures come as the coronavirus wreaks havoc across the world economy, with the South having entered a recession for the first time in 17 years as exports plunged due to the pandemic. The South is highly trade-dependent and exports plunged 13.6 percent year-on-year in the second quarter -- the sharpest decline since 1974. But lockdowns imposed around the world in the face of the pandemic -- especially in Europe and the US -- have boosted the firm's chip business with data centres moving to stockpile DRAM chips to meet surging demand for online activities. "Even as the spread of COVID-19 caused closures and slowdowns at stores and production sites around the world, the company responded to challenges through its extensive global supply chain," the firm said in a statement. It also minimised the impact of the pandemic by "strengthening online sales channels and optimising costs," it added. Samsung's overall turnover is equivalent to a fifth of South Korea's gross domestic product. cdl/jah
schema:headline	Samsung Electronics net profit climbs 7.3% in Q2
schema:mentions	Samsung Electronics Supply chain Smartphone Recession Samsung South Korea Gross domestic product European Union Pandemic Coronavirus Coronavirus disease 2019 Semiconductor memory Dynamic random-access memory Conglomerate (geology) House of Freedoms Core product Patria AMV
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-07-30 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	71 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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