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Samsung mocks Apple with record profits on Galaxy smartphones

Sees 91 percent growth
Fri Oct 26 2012, 09:57
Samsung Galaxy S III running Android Ice Cream Sandwich

KOREAN HARDWARE GIANT Samsung posted record third quarter profits today, thanks to bumper sales of its Galaxy smartphones, as rival Apple fell short of Wall Street expectations.

Samsung boasted a record net profit of 8.12 trillion Won (around £3.7bn), showing strong growth of 91 percent from last year. Although the firm didn't mention exact sales figures for its smartphone lineup, these numbers were driven by sales of its Galaxy S3 and Galaxy Note handsets, as it continues to shrug off its fellow Android based rivals.

Samsung also said that its display panel business helped spur these record numbers, thanks to a profit of 1.1 trillion Won in the quarter.

Robert Yi, SVP and head of investor relations at Samsung said, "The business environment remained difficult with global economic uncertainties persisting amid the fiscal concerns in the US and Europe. However, we continued to break our quarterly profit records."

"We will do our best to sustain our earnings momentum throughout the fourth quarter by implementing strategies we have developed for our businesses."

The Korean firm expects things to get even better in the runup to Christmas, saying that the holiday rush will "intensify" demand for its tablets, PCs and mobile devices.

"Looking ahead, for the remaining quarter, year-end seasonality will push up demand for mobile devices including tablet PCs, as new products make their way into markets with more competitive pricing," the company said.

Samsung's record financial results come as Apple disappointed analysts with lower than expected Ipad sales, which it blamed on consumer anticipation of the Ipad Mini. Nonetheless, Apple posted a profit of $8.2bn, spurred by strong Iphone sales during the quarter. µ


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