Friday, June 14, 2024

Samsung Named Most Profitable Smartphone Company

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Apple is no longer the world’s most profitable smartphone maker. Archrival Samsung has claimed that title, according to a new report from Strategy Analytics.

CNET’s Don Reisinger reported, “Research firm Strategy Analytics proclaimed Friday that for the first time in four years, Apple is no longer the most profitable handset maker in the world. That honor now belongs to Samsung. During the second quarter, Samsung’s global handset operating profits hit $5.2 billion, according to Strategy Analytics. Apple’s operating profit stood at $4.6 billion.”

The International Business Times quoted Neil Shah, senior analyst at Strategy Analytics, who said. “This was the mobile phone industry’s fastest growth rate since the second quarter of 2012. Strong demand for entry-level Android devices in Asia and Latin America drove much of the growth. Samsung continued to dominate, shipping 107 million mobile phones worldwide.”

The Guardian’s Juliette Garside noted, “While the high-priced iPhone was the engine that propelled Apple to become the world’s most valuable company, its customers are no longer bent on owning the latest model. Healthy demand for the three-year-old iPhone 4, which is cheaper than the latest iPhone 5, has reduced the average selling price of its blockbuster device.”

In related news, Eric Pfanner with The New York Times wrote, “Samsung Electronics, the world’s largest maker of smartphones, said on Friday that it expected competition to increase, even as it reported a 50 percent rise in profit for the second quarter. Samsung, which is based in Suwon, South Korea, said net income rose to 7.77 trillion won, or $6.9 billion, from 5.19 trillion won a year earlier. Sales rose to 57.46 trillion won, from 47.6 trillion won. “

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