Watch out Apple! Samsung posts record $5.5bn profit
Samsung Electronics Co, the world’s top technology firm by revenue, reported a record quarterly profit on Friday, powered by booming sales of its smartphones and the Galaxy Note phone/tablet.
The South Korean firm reported January-March operating profit of 5.85 trillion won, broadly in line with its earlier estimate of 5.8 trillion won and nearly double the 2.95 trillion won a year ago. In the fourth quarter of 2011 the company had an operating profit of 5.3 trillion won.
Samsung did not break out its first-quarter smartphone and handset shipments, but analysts reckon it ended Nokia’s 14-year reign as global handset leader, outselling the struggling Finnish company for the first time.
Nokia sold 83 million handsets in January-March, including 12 million smartphones. Samsung is estimated to have sold 90 million handsets, including 44 million smartphones, according to analysts.
Samsung also competes with Sony Corp and LG Electronics in TVs, Toshiba and SK hynix in chips and LG Display in displays.
Shares in Samsung, the world’s top TV maker, have climbed 27 percent so far this year, and hit a record high of 1.351 million won earlier this month. The broader KOSPI .KS11 stock index is up around 8 percent this year.