At the same time, Lee faces the distraction of a
prolonged court battle over his indictment on
charges of financial crimes related to a massive
corruption scandal. He also needs to raise
cash to pay astronomical inheritance taxes to
cement his control over the business empire
left by his father.
At least financially, Samsung appears to be in
great shape.
The company said Thursday its operating
profit for the last quarter reached a two-year
high of 12.35 trillion won ($10.89 billion), a
59% jump from a year earlier, thanks to strong
sales of computer memory chips, smartphones
and appliances.
Revenue rose 8% to 66.96 trillion won ($59
billion), an all-time quarterly high.
“Even as the COVID-19 pandemic continues
around the world, the reopening of key
economies led to a significant increase in
consumer demand,” Samsung said in a statement.
Samsung said it expects its profit to fall in the
current quarter as demand for computer chips
slows and competition in smartphones and
consumer electronics heats up.
Still, its dual strength in parts and finished
products means it benefitted hugely from
two major 2020 realities — the coronavirus
pandemic and the prolonged trade war
between the United States and China.
Samsung’s semiconductor business rebounded
sharply after a sluggish 2019, driven by robust
demand for PCs and servers as virus outbreaks
forced millions of people to stay and work
at home.