Samsung Flying High With Record $5.9 Billion Profit – Expects Even Bigger Q2 With Galaxy S3 Sales
Wouldn’t say this news really surprised anyone, but it looks like Samsung Electronics is reporting a record breaking quarterly earnings profit of $5.9 billion. This all despite a parts shortage that kept the South Korean company from keeping up with the insane demand for the Samsung Galaxy S3. Needless to say, it’s Samsung’s smartphone arm (and dare I say, Android) that has more than doubled the company’s profit growth, selling 380 smartphones every minute, accounting for 70% of their overall business. It’s Samsung’s chips and consumer electronics businesses that are suffering from weak demand, dropping the company’s shares 15% in the past 2 months.
This quarter will be even bigger for Samsung once the newly launched Galaxy S3 gains some more traction here in the states. Samsung predicts to ship somewhere around 19 million units this quarter and plans to give their full Q2 results towards the end of the month. Samsung is sliding in right before the launch of the next iPhone that will no doubt put a dent in Galaxy sales despite being the same old tech Android users have been enjoying for over a year now (zing!).
Just don’t forget who got you here, Samsung. You can continue to show your thanks by providing the Galaxy S3 with a speedy update to Android 4.1 Jelly Bean. You’re welcome.
[Reuters]