Samsung overtakes Nokia as it records record profits

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Galaxy Note and S II sales help deliver record £3.1 billion operating profit as firm sells almost 10 million more smartphones than Apple

Samsung Electronics recorded net profit of £2.75 billion for the quarter ending March 31, up 81 per cent on the same quarter of 2011, fuelled by sales of its Galaxy S II (pictured) and Galaxy Note smartphones.

Operating profits hit a record £3.1 billion, 70 per cent of which was generated by the firm’s mobile operation.

Sales at the company rose 22 per cent year-on-year to £24.6 billion, driven primarily by growth at its Mobile Communications division.

Analyst firm Strategy Analytics estimates Samsung sold 93 million handsets during the quarter, compared to Nokia’s 83 million.

Samsung now has a share of just over 25 per cent of the global market, compared to Nokia’s 22.5 per cent.

The firm sold 44.5 million smartphones during the quarter, well ahead of the 35.1 million sold by Apple during the quarter.

The firm said it plans to increase its competitiveness by releasing new high-end smartphones this year and and bolstering its lineup in emerging markets.

Samsung senior vice president and head of investor relations Robert Yi said: “Despite difficult business environments including seasonal low demand for major products such as PCs and TVs amid a global economic slowdown, we achieved record quarterly results based on our differentiated products and technology leadership.

“We cautiously expect our earnings momentum to continue going forward, as competitiveness in our major businesses is enhanced.”

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