Saturday, July 24, 2021

Samsung Reports Record-Breaking Profits

Korean-based Samsung posted better-than-expected financial results for its most recent quarter. The company credited strong sales of its Galaxy line of smartphones and tablets for the good showing.

“Samsung estimated in a regulatory filing that its July-September operating income nearly doubled to 8.1 trillion won ($7.3 billion) from 4.25 trillion won a year earlier,” wrote the AP’s Youkyung Lee “The result was better than the market consensus of 7.6 trillion won, according to a poll of 26 analysts by FnGuide Inc., a financial information provider.”

Computerworld’s Yewon Kang reported, “Samsung probably sold 17 million units of its flagship Galaxy S III and 6 million of its Galaxy Note 2 smartphone-tablet hybrid that launched last week in Korea, according to Won Seo, an analyst with Korea Investment and Securities. In contrast, Apple said sales of its iPhone 5 topped five million in the first three days after its release.”

According to Bloomberg’s Jun Yang, “Samsung shipped about 32.3 percent of all smartphones in the quarter ended in June, with Apple second at 16.7 percent, according to data compiled by Bloomberg. In the first quarter, Samsung had 28.9 percent and Apple 23 percent.”

“Most analysts, however, expect a run of four straight record quarters to end in December as the South Korean group, the world’s leading maker of smartphones, TVs and memory chips, ramps up its marketing to counter Apple’s new iPhone and other products in a crowded $200 billion global smartphone market,” noted Miyoung Kim for Reuters. “Samsung may have to set money aside this quarter if it fails in an appeal to overturn an August 24 U.S. court verdict that awarded more than $1 billion in damages to Apple for patent infringements by Samsung,” the article added.

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