Galaxy handset sales drive Samsung to 48 per cent profit rise

Mobile business accounts for 60 per cent of electronics manufacturer’s operating profit after selling an estimated 50 million smartphones in Q2

Samsung posted a second quarter profit rise of 48 per cent compared to the same period last year, heavily driven by success within its mobile business.

Net profit reached 5.2 trillion won, up from 3.1 trillion won from the previous quarter last year with revenue of 47.6 trillion won, an increase from the 39.44 trillion won posted a year ago. Operating profit hit 6.7 trillion won, matching guidance the company issued earlier this month.

Samsung said its mobile business was responsible for more than 60 per cent of its operating profit. Analysts estimate that Samsung sold around 50 million smartphones in the quarter.

Last week the manufacturer announced that it had sold 10 million Galaxy S III handsets worldwide, averaging 190,000 in sales a day, just two months after the device went on sale.

Apple posted its own results on Wednesday for the three months until June 30, and in contrast were deemed below expectations by Wall Street.

The manufacturer posted revenue of $35 billion, up 23 per cent from the same quarter a year ago. Wall Street had predicted revenues to be as high as $37.22 billion.

Apple’s net profit for the quarter was $8.8 billion, which was an increase of 21 per cent from the corresponding quarter in 2011.

It sold 26 million iPhones in the quarter, up from 28 per cent a year ago but down 26 per cent from the previous quarter. iPad sales hit 17 million during the three month period, which was a year-on-year increase of 84 per cent and up 44 per cent from the previous quarter.

 

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