Samsung profit soars on record smartphone sales | Business| Economy and finance news from a German perspective | DW | 26.04.2013
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Business

Samsung profit soars on record smartphone sales

Between January and March, South Korea's tech giant Samsung sold more mobile phones than ever before in a single quarter. In the lucrative smartphone segment the firm extended its lead over US rival Apple.

Samsung's first-quarter net profit jumped 42 percent from a year ago, reaching 7.2 trillion won (4.8 billion euros), the South Korean technology firm said in its earnings report released Friday.

Revenues in the period rose 17 percent to 52.9 trillion won as the firm capitalized on growing global demand for its Galaxy smartphones. Samsung's IT and Mobile Communications division, which makes smartphones, tablets and PCs, alone contributed 6.5 trillion won to the operating profit of 8.8 trillion won.

Compared with the previous quarter profit increased by 2 percent, the company said in the regulatory filing.

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Samsung traditionally doesn't release precise figures on the number of gadgets it sells in a quarter. However, Market research firm IDC estimated that the company shipped 70.7 million smartphones in the first three months of 2013 - a rise by 61 percent compared to a year earlier.

The increase gave Samsung a market share of 33 percent in the lucrative smartphone segment, IDC said, widening its lead over US rival Apple, which saw market share fall to 17 percent from 23 percent a year ago. This week Apple said it had sold 37.4 million iPhones in the first quarter.

The company's strong performance in the mobile market helped offset sluggish demand for its television sets and display panels.

uhe/ccp (dpa, AP, AFP)

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