While many companies are struggling, Samsung have posted record profit of $5.9 billion. They are second to Apple in this record, which is a heck of an achievement for the South Korean firm. Their revenue for $41.4B USD.
Samsung are the new leader in global smartphone and feature phone sales and they are also leading the way in the DRAM and display markets.
The company earnings were spearheaded by the Galaxy S III smartphone launch. Analysts are predicting sales of 19 million Galaxy S III smartphones for the June ending quarter, according to a report on Reuters.
Nho Geun-chang, an analyst at HMC Investment Securities in Seoul said “Revenue is below our forecast, which suggests price pressure was more severe than had been expected in products such as televisions and home appliances. Earnings will be stronger in the current quarter as sales of the high-end Galaxy S III will increase dramatically and drive the telecom division’s earnings to above 5 trillion won.”
You can read our indepth review of the Samsung Galaxy III smartphone over here.
Samsung have been thriving in the smartphone market while HTC Corp and Motorola Mobility are reporting smaller market shares.
An unnamed Samsung executive spoke to Reuters saying “Europe is our biggest consumer electronics market and we may have to initiate cost cuts and product price increases should the euro fall further from the current level. Our smartphones are flying off the shelves, with some outlets reporting 40-60 percent sales growth, but that’s distorting the overall trading outlook which is more challenging due to the weak global economy and a weak euro.”
Samsung are fighting Apple in various countries for contention of patent ownership. Samsung are currently appealing the Galaxy Nexus Ban in America.
Kitguru says: Can Samsung overtake Apple in the coming years?