Samsung recently released its earnings report for Quarter 2 this year, and the result isn’t good news for the South Korean tech major as the company was in for a loss in the previous quarter. However, it still made money and the reason for this is Apple.
It is suggested that Apple relied on Samsung for OLED display panels for the iPhone X and the iPhone XS. However, Apple did not pay Samsung fully due to lesser iPhone sales than expected.
As Samsung sought money from Apple for the unrealized iPhone X and iPhone XS sales, Apple finally paid the South Korean company around $684 million for the OLED displays, hinting at the source of money Samsung made during the second quarter of 2019.
As for earnings, Samsung released a report revealing the numbers. The company’s profit earnings have come down to 6.5 trillion won from 14.86 trillion won in Quarter 2, 2018, resulting in a loss of around 56%.
In addition to this, sales accounted for 56 trillion won. As a reminder, Samsung’s sales in Quarter 1 this was 6.23 trillion won.
For those who don’t know, this year’s second quarter has proved to be really bad for Samsung since 2016, when the company was surrounded by the Galaxy Note 7 debacle.
We hope Samsung will be able to revive its sales once the Galaxy Note 10 is launched, which is scheduled to launch on August 7.