Apple reportedly spent around $ 950 million for not buying enough Samsung OLED panels.
Angela Lang / CNET
Apple could have paid a fine of around $ 950 million to Samsung Display for not buying enough OLED panels to fulfill its contract, according to a report by Display Supply Chain Consultants, previously uncovered by MacRumors. The reported payment could mean that Apple did not meet projected iPhone sales, as many of the tech giant’s retail stores have closed as a result of the coronavirus pandemic, so you didn’t order enough Samsung OLED panels.
Neither Apple nor Samsung immediately responded to a request for comment on the report.
Samsung’s recently released guide to operating income and earnings for the second quarter of 2020 showed it had exceeded expectations for operating profit, according to the DSCC report. Sales were driven by companies that required more server memory chips to accommodate the rise in work from home amid the pandemic.
Earlier this month, Samsung saw a small drop in second quarter sales despite the one-time gain. Apple will reportedly announce its third-quarter earnings at the end of the month.
