Samsung Electronics reports 48 per cent spike in 2Q profit on strong Galaxy phones sales | iNFOnews | Thompson-Okanagan's News Source

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Samsung Electronics reports 48 per cent spike in 2Q profit on strong Galaxy phones sales

A boy watches a 3D animation movie at a display for LG Electronics products inside the COEX Mall in Seoul, South Korea, Wednesday, July 25, 2012. LG Electronics reported a lower quarterly profit as its mobile phone division sank to a loss, underlining the challenges for its smartphone business as it struggles with competition from Apple and Samsung. (AP Photo/Hye Soo Nah)
July 26, 2012 - 7:44 PM

SEOUL, South Korea - Samsung Electronics said its second quarter profit rose 48 per cent over a year earlier as customers flocked to get Galaxy smartphones in the absence of competitors.

The South Korean firm said Friday its net profit reached 5.2 trillion won ($4.5 billion) in the April-June quarter on revenue of 47.6 trillion won.

The earnings figure was a 3 per cent rise from the previous quarter but was lower than a market consensus of 5.6 trillion won.

Samsung said its operating profit reached 6.7 trillion won, matching its guidance earlier this month.

Samsung said its mobile business that makes the Galaxy S3 smartphone was responsible for more than 60 per cent of its operating profit, helping the firm outdo rivals even at one of the most challenging times for the global tech industry.

News from © The Associated Press, 2012
The Associated Press

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