It is that time of the year when when companies began detailing their performance in quarterly reports. These latest ones are rather interesting as they paint a clearer picture as the impact that the COVID-19 pandemic has had on the company.

In the case of Samsung, which released its Q3 2020 report (ending 30th September) this week, it achieved its highest quarterly revenue mark to date.

More specifically, the company confirms that it garnered 66.96 trillion won in revenue and 12.35 trillion in operating profit.

Regarding the former figure, that roughly translates to $59.6 billion in revue, with Samsung citing increased demand for new hardware during the pandemic, as well as key markets opening up, as the reason for the figure.

“Even as the COVID-19 pandemic continues around the world, reopening of key economies led to significant increase in consumer demand. Samsung Electronics was able to respond aggressively through flexible global supply chain management (SCM), reporting its highest-ever quarterly revenue,” it explained in a press release.

“Quarterly operating profit rose 52 percent from the previous quarter, thanks to a boost in demand for smartphones and consumer electronics as well as efficient cost management. Third-quarter operating profit was also 59 percent higher year-on-year on stronger sales of memory chips and consumer products,” the company added.

While the impressive performance this quarter is good news for shareholders, Samsung has tempered expectations for Q4.

“Looking ahead, Samsung Electronics expects profit to decline in the fourth quarter amid weakening memory chip demand from server customers and intensifying competition in mobile phones and consumer electronics,” it advised.

While the nature of the intensifying competition the company mentions here is not further detailed, it would stand to reason that it is referring to the new 5G-supporting iPhone 12 models entering the market this quarter. Added to this is Huawei’s new devices, along with increasing visibility of other Chinese smartphone makers.

Samsung has also noted that any new waves of COVID-19 infections would also have a potential impact for next year too.

“For 2021, the Company expects a recovery in overall global demand but uncertainties will remain over the possibility of recurring epidemic waves of COVID-19,” the company concluded.