Samsung posts $5.9 billion record profit, thanks to Galaxy smartphones.

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Samsung Electronics posted a record profit of $5.9 billion, all thanks to the Galaxy line of smartphones and it is no secret that the Galaxy SIII has played its role well in the market.  With the absence of the rumored next iPhone, Samsung expects that the Galaxy SIII will hit the 19 million mark in the third quarter of this year.

South Korean OEM giant also states that the demand for Samsung smartphones has been increased tremendously with some outlets reporting a 40-60 percent sales growth even though the European market is going through a challenging time.  The profit from the Samsung’s mobile division which is responsible for 70 percent of Samsung’s profit is likely to have more than doubled to around 4.4 trillion won from a year ago, with sales of around 50 million smartphones – at a rate of 380 every minute.

Samsung is also aware that the new iPhone, (if it ever hits the Apple stores during the latter part of this year), will slow down Samsung’s handset sales. But on the other hand, It will boost the Korean firm’s semiconductor earnings as Samsung is the sole producer of processing chips used to power the iPhone and iPad, and also supplies Apple with mobile memory chips, NAND flash and display screens.

Samsung is due to release its full second quarter results officially which will be the first since Kwon Oh-hyun , the former components chief, took over as the CEO.

source

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