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  1. #1
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    Default Galaxy phones drive Samsung to record profit again

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    Samsung, the world’s largest technology company by revenue, reported another record-high quarterly profit as customers flocked to Galaxy smartphones, helping it outdo rivals even at a challenging time for the global tech industry.

    Samsung Electronics Co. said on Friday its net profit swelled to 5.2 trillion won ($4.5 billion) in the April-June quarter, a 48 per cent jump from a year earlier.

    The earnings were lower than a median forecast of 5.6 trillion won in a poll of seven analysts by Yonhap Infomax, but Samsung shares rose 4.8 per cent in Seoul as investors expect its earnings to continue growing strongly.

    Samsung, the world’s largest maker of mobile phones, televisions and memory chips, benefited from runaway demand for its Android-powered smartphones as rivals including Apple Inc. were yet to release new models.

    The robust sales of smartphones such as the company’s flagship Galaxy S3 helped Samsung paper over a slowdown in other consumer electronics sectors such as televisions and personal computers that has been painful for its rivals and component suppliers.

    Its second quarter operating profit spiked 79 per cent over a year earlier to 6.7 trillion won and its revenue rose 21 per cent to 47.6 trillion won, matching Samsung’s guidance released earlier this month. The operating profit, also at an all-time high, was up 15 per cent from the previous quarter.
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