"The smartphone sales rose sharply from the previous quarter, with the launch of new flagship models such as the Galaxy Note20 and Galaxy Z Fold2, as well as stronger sales of mass-market models in key regions including India," the South Korean major informed.
Sales increased in tablets and wearables including the Galaxy Tab S7, Galaxy Watch3 and Buds Live also contributed to the profit growth in the third quarter.
Looking ahead to the fourth quarter, the overall market demand is expected to increase QoQ due to strong year-end seasonality and continued recovery in the overall demand.
"However, smartphone sales are expected to decline QoQ due to subsiding effects from new flagship model launches. Higher marketing expenditure to respond to intensifying competition and year-end seasonality is also likely to weigh down profit," the company said.
In 2021, while mobile market demand is expected to increase YoY backed by continuous economic recovery and accelerating migration towards 5G networks, uncertainties persist over the COVID-19 pandemic.
"The Mobile Communications Business aims to expand its smartphone sales by strengthening lineup for foldable phones and mass-market 5G models," Samsung said.
In India, riding on multiple strategies including effective supply chain and touching various price points through new launches Samsung became the leading brand in the smartphone market with 32 per cent (year-on-year) growth.
Samsung was also the fastest to recover, surpassing the pre-COVID levels in Q3 2020.
Samsung's aggressive push in online channels, with highest-ever online contribution within its portfolio, also helped it regain its number one spot, Counterpoint said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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