Apple has paid an estimated 950 million US Dollars to Samsung for not reaching the OLED panel purchases that both companies had agreed on, according to analysts at the Display Supply Chain Consultants.
Last week, the South Korean tech giant had revealed its revenue and operating profit for the second quarter of 2020. This report included a one time gain in its display business. The influx is believed to have arrived from Apple, who had not purchased the expected number of OLED panels from Samsung during the second quarter of this year.
Editor’s Pick: Apple iPhone 12 series to launch in September but could go on sale from October
The disparity in display orders arrived due to many retail stores of the Cupertino based company having close due to the ongoing pandemic, in the second calendar quarter of this year. The viral outbreak along with economic uncertainty is said to be the major factor that affected sales. This issue is still being faced with many retail stores still being closed as spikes in infections have occurred recently in the US.
The report also suggests that Apple has failed to meet iPhone sales goals that it might have set for 2020. Hence, it had to compensate Samsung for a large number of missing orders. Notably, Apple had reported revenue of 58.3 billion US Dollars over just 58 billion from a year ago. Although, the company declined to offer any projections for the third quarter due to instability and uncertainty during this time of crisis.
UP NEXT: Grab Blackview BV6300 Pro camera-centric rugged smartphone at a limited-time discount sale of upto 26%
