Samsung Closed Out 2011 With Bang – Hit Record High Of $4.72 Billion In Profit
Looks like Samsung had a great year in 2011 and really, was anybody surprised? During an earnings call today, the South Korean company reported that they were able to hit $4.72 billion in operating profit and $42 billion in sales for Q4 of 2011, lining up with the company’s previous estimate earlier this month.
This is an all time high for Samsung who’s numbers represent a 76% increase in profits over 2010’s holiday season reflecting a high demand for their smartphones totaling a record 35 million shipments (roughly 40% of their total sales) and their flourishing semiconductor business which pulled in $2 billion. Samsung’s television business did pretty well as well with a 20% increase from the previous year, bringing in $7.6 billion.
Samsung’s senior vice-president Robert Yi said in a statement,
“Despite intensified competition amid the global economic slowdown, our telecommunications businesses continued to post solid earnings with an enhanced line-up of high-end smartphones, resulting in higher average selling price.”
That’s because, no matter how bad things get, people gotta have their Android smartphones. No longer a luxury — it’s become a necessity. Let’s see if Samsung can do it all over again with the Galaxy S III.
[Via Reuters]