Saturday, July 24, 2021

Samsung Announces 53% Profit Increase

Korea-based Samsung hasn’t officially released its first quarter financials yet, but it has already announced that it expects to earn very large profits for the quarter. Earnings increased more than 50 percent from first quarter, thanks largely to sales of the Galaxy smartphone.

CNNMoney’s David Goldman reported, “Samsung, the world’s largest technology company by sales, has produced some jaw-dropping results for the first quarter. In its preliminary financial update for the first quarter, the South Korean tech giant announced sales Friday of approximately 52 trillion won ($46 billion), up 15% from a year ago. Samsung’s operating profit of 8.7 trillion won ($7.7 billion) rose 53% from the first quarter of 2012.”

Bloomberg’s Jungah Lee noted, “The mobile-phone business again was the company’s biggest earnings driver, with sales of cheaper handsets in emerging markets supplementing growth by high-end Galaxy models.”

According to Reuters, “The South Korean firm likely sold 68-70 million smartphones, up from 63 million in the December quarter, according to five analysts. By comparison, Apple’s iPhone shipments likely slumped some 30 percent to the 30 million range from 47.8 million in the previous quarter, they said.”

SlashGear’s Brittany Hillen observed, “Expectations are only going up as the GALAXY S 4, revealed last month, is destined to hit shelves in the coming weeks. Samsung is worth about $220 billion, and is putting increasing pressure on Apple, its biggest competitor.”

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