Samsung Q2 profits hit record on smartphone sales

Summary:South Korean firm makes 6.7 trillion won (US$5.9 billion) in operating profit for three months ended June, up 79 percent from year before, on the back of expected strong sales of smartphones.

Samsung Electronics has posted a record operating profit for its second quarter, above analyst expectations.

For the three months ended June, its operating profit rose 79 percent from the same period last year to hit 6.7 trillion won (US$5.9 billion) according to its regulatory filing with the Korean stock exchange on Friday. This was above the market estimates of 6.58 trillion won (US$5.78 billion) compiled by newswire Bloomberg.

Over the same period, the company's revenue rose 19 percent rise to 47 trillion won (US$41.2 billion). It did not give an estimate for net profit.

"Earnings growth, led by smartphones , continued into the second quarter,” Brian Park, an analyst at Tong Yang Securities, said in a Bloomberg article. He added that "with today’s numbers, any concern about Samsung’s business, as well as overall demand for technology products, can be put to rest for now.”


Topics: Tech Industry, Hardware, Smartphones

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Loves caption contests, leisurely strolls along supermarket aisles and watching How It's Made. Ryan has covered finance, politics, tech and sports for TV, radio and print. He is also co-author of best seller "Profit from the Panic". Ryan is an editor at ZDNet's Asia/Singapore office.

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