Reuters: Technology News: Samsung posts record $5.9 billion profit on smartphones

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Samsung posts record $5.9 billion profit on smartphones Jul 26th 2012, 23:47 Tweet Share this Email Print Related News WRAPUP 1-SK Hynix, LG Display tie fortunes to Apple as economy slows 6:49am EDT Hyundai second-quarter net up 10 percent as European sales surge 3:36am EDT Apple blames rare miss on new iPhone anticipation, economy Wed, Jul 25 2012 Apple's rivals swoop as iPhone China sales flag Wed, Jul 25 2012 UPDATE 2-LG Elec profit doubles on TVs but phone business in red Wed, Jul 25 2012 Samsung's logo is seen on a Galaxy smartphone displayed at the company's headquarters in Seoul July 6, 2012. Credit: Reuters/Lee Jae-Won SEOUL | Thu Jul 26, 2012 7:47pm EDT SEOUL (Reuters) - Samsung Electronics Co, the world's top technology firm by revenue, reported a record quarterly profit of $5.9 billion on Friday, as rampant sales of its smartphones more than offset a tumble in memory chip prices. The South Korean firm reported April-June operating profit of 6.72 trillion Korean won ($5.86 billion), in line with its earlier estimate of 6.7 trillion won and up 79 percent from a year ago. Samsung, which earlier this year ended Nokia's 14-year reign as the top global handset maker, did not break out its second-quarter smartphone shipments. But analysts said they expected it to have further widened its gap with Nokia and Apple. Apple shipped 26 million iPhones in the June quarter, fewer than in the previous quarter and well below the 28-29 million that Wall Street had predicted. Samsung is estimated to have increased sales to around 50 million. Samsung also competes with Sony Corp and LG Electronics Inc in TVs, Toshiba Corp and SK Hynix Semiconductor Inc in chips and LG Display in displays. Shares in Samsung, the world's top TV maker, have climbed 9 percent so far this year, versus a 3 percent drop in the wider market. ($1 = 1146.8500 Korean won) (Reporting by Miyoung Kim; Editing by John Mair) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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