Samsung reports Q3 profit of $9.6 billion

Samsung reports Q3 profit of $9.6 billion
October 25 06:44 2013 Print This Article

Samsung reports record Q3 profits

Samsung Electronics has posted a record third-quarter operating profit of $7.6 billion, a uptick of 25 percent. The South Korean technology company credits its success on increased sales of cheaper Galaxy smartphones and memory chips. The net income is higher than the $7.4 billion estimate from 24 analysts as compiled by Bloomberg.

Sales of Samsung’s entry-level smartphones are significant in emerging markets like China, South America, and Eastern Europe. In a statement, the company said smartphone shipments increased in the “mid-10 percent range” in the third quarter. This trend compensates the lagging demand for the company’s high-end handsets and shrinking profits from television sales.

Samsung’s high-end smartphones stayed at a same level compared to last quarter, while sales of its tablets rose in the “mid-20 percent range” during the same period.

Samsung also launched its Galaxy Gear smartwatch into retail last September, tapping the growing demand for wearable computing devices.

Analysts say Samsung needs to maintain its leadership in mobile phone markets of United States and China amidst growing competition from Apple and China’s domestic brands such as ZTE and Lenovo.

Source: Bloomberg

Image source: Tanjala Gica / Shutterstock.com

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