Apple has reimbursed tech giant Samsung 800 billion won, or roughly $683 million as part of a sales agreement that involves OLED display panels.
Originally, Apple was to buy a set number of OLED screens, but disappointing sales numbers meant that Apple had to reimburse Samsung for the remaining screens. The figure was quoted by Reuters during Samsung’s forecast of their 2nd quarter operating profits.
The South Korean company mentioned that although sales were low, they had a silver lining in gains such as the ones Apple paid them with. This helped the electronics firm beat analyst expectations by a slim margin.
Samsung’s operating profit fell 56% down to 6.5 trillion won, and revenue fell 4.2% to 56 trillion won. The company is expected to post a year-on-year decline for the 3rd consecutive quarter mainly due to the effect of US sanction on Huawei and falling chip prices. Rising tariffs are also a significant factor in the export slump that’s recorded as Samsung’s lowest in 7 years.