Samsung Announces Record-High Profits

Korea’s Samsung has announced its highest quarterly earnings ever. The company reported strong sales of its smartphones, but noted that competition remains fierce.

MarketWatch’s Min-Jeong Lee wrote, “Samsung Electronics Co. on Friday said its first-quarter profit rose 42% to a record high on strong smartphone sales, though the pace of its earnings growth continued to slow. The South Korean company said net profit for the three months ended March 31 rose to a record 7.15 trillion won ($6.4 billion), higher than 5.05 trillion won a year earlier. That compares with a quarterly record of 7.04 trillion won set in the fourth quarter of last year.”

Youkyung Lee with the Associated Press noted, “Samsung’s IT and Mobile Communications division that makes smartphones, tablets, PCs and cameras reported 6.51 trillion won in operating income for the first quarter, up 56 percent from a year earlier and its highest since Samsung reorganized the division to merge PC and handset departments.”

Bloomberg’s Jungah Lee added, “Demand for Samsung’s devices, including the flagship Galaxy S4 that went on sale today and cheaper phones targeting emerging markets, are stoking sales in the $358 billion handset market and driving most of the Suwon, South Korea-based company’s profits. Samsung said competition in the market, which is already slowing Apple’s growth, may intensify this year. ‘It yet again succeeded in taking away some of the smartphone share from Apple,’ said Lee Seung Woo, an analyst at IBK Securities Co. ‘Demand for Galaxy S4 is outstripping its supply.'”

ZDNet quoted Samsung’s Robert Yi who cautioned, “We may experience stiffer competition in the mobile business due to expansion of the mid- to low-end smartphone market.”

RELATED NEWS AND ANALYSIS

• Huawei’s AI Update: Things Are Moving Faster Than We Think

  FEATURE |  By Rob Enderle,
  December 04, 2020

• Keeping Machine Learning Algorithms Honest in the ‘Ethics-First’ Era

  ARTIFICIAL INTELLIGENCE |  By Guest Author,
  November 18, 2020

• Key Trends in Chatbots and RPA

  FEATURE |  By Guest Author,
  November 10, 2020

• Top 10 AIOps Companies

  FEATURE |  By Samuel Greengard,
  November 05, 2020

• What is Text Analysis?

  ARTIFICIAL INTELLIGENCE |  By Guest Author,
  November 02, 2020

• How Intel’s Work With Autonomous Cars Could Redefine General Purpose AI

  ARTIFICIAL INTELLIGENCE |  By Rob Enderle,
  October 29, 2020

• Dell Technologies World: Weaving Together Human And Machine Interaction For AI And Robotics

  ARTIFICIAL INTELLIGENCE |  By Rob Enderle,
  October 23, 2020

• The Super Moderator, or How IBM Project Debater Could Save Social Media

  FEATURE |  By Rob Enderle,
  October 16, 2020

• Top 10 Chatbot Platforms

  FEATURE |  By Cynthia Harvey,
  October 07, 2020

• Finding a Career Path in AI

  ARTIFICIAL INTELLIGENCE |  By Guest Author,
  October 05, 2020

• CIOs Discuss the Promise of AI and Data Science

  FEATURE |  By Guest Author,
  September 25, 2020

• Microsoft Is Building An AI Product That Could Predict The Future

  FEATURE |  By Rob Enderle,
  September 25, 2020

• Top 10 Machine Learning Companies 2020

  FEATURE |  By Cynthia Harvey,
  September 22, 2020

• NVIDIA and ARM: Massively Changing The AI Landscape

  ARTIFICIAL INTELLIGENCE |  By Rob Enderle,
  September 18, 2020

• Continuous Intelligence: Expert Discussion [Video and Podcast]

  ARTIFICIAL INTELLIGENCE |  By James Maguire,
  September 14, 2020

• Artificial Intelligence: Governance and Ethics [Video]

  ARTIFICIAL INTELLIGENCE |  By James Maguire,
  September 13, 2020

• IBM Watson At The US Open: Showcasing The Power Of A Mature Enterprise-Class AI

  FEATURE |  By Rob Enderle,
  September 11, 2020

• Artificial Intelligence: Perception vs. Reality

  FEATURE |  By James Maguire,
  September 09, 2020

• Anticipating The Coming Wave Of AI Enhanced PCs

  FEATURE |  By Rob Enderle,
  September 05, 2020

• The Critical Nature Of IBM’s NLP (Natural Language Processing) Effort

  ARTIFICIAL INTELLIGENCE |  By Rob Enderle,
  August 14, 2020