Apple Reimburses Over $683 Million From Samsung Regarding OLED Displays
|Photo by IndianExpress|
Apple recently reimbursed over $683 million from Samsung to cover the cost of OLED displays after Apple missed a sales target upon agreement with the company. The Cupertino firm said it would buy a certain number of Samsung’s displays, but the lack of iPhone sales made a turning point for this agreement.
The payment took place in the second fiscal quarter of 2019 and the news from Samsung regarding the payment agreement with Apple was released by Reuters today. The operating profit of Samsung lasted from April to June and fell by 56% of the $5.6 billion won. Samsung will be releasing the regulatory filing with the detailed earnings later this month. In terms of revenue, it has been dropped by 4.2% compared to last year’s amount of $48 billion won.
Overall, Samsung is always on track when it comes to yearly profit declines because the supply-demand contributed to the downfall of chip prices. In addition, there have been US sanctions on the Chinese telecom manufacturer Huawei. The USA-China trade rivalries will continue to impact the global chip and smartphone market.