Samsung Q4 operating income jumps 89 percent

South Korean consumer electronics maker beats analyst forecasts for the fourth quarter of 2012, with operating income reaching 8.8 trillion won (US$8.2 billion).

Samsung Electronics has posted an 88.8 percent rise in operating income for the fourth quarter of 2012, surpassing analyst forecast.

In a preliminary earnings statement filed with the Korean Exchange Tuesday, the company reported an operating income of 8.8 trillion won (US$8.2 billion) for the quarter ended December 2012. Sales grew 18.4 percent year-on-year to reach 56 trillion won (US$52.3 billion).

Bloomberg said Samsung's results were higher than the 8.5 trillion won (US$7.9 billion) estimated by analysts.

The news site added that earnings at Samsung's handset business may have doubled compared to 2011, driven by demand for Galaxy Note II and Galaxy S3 phones .

In addition, slower-than-expected sales of Apple iPhone 5 benefited the South Korean company, the report added.

In the United States, Samsung and rival Apple dominated the mobile phone landscape , at 26.9 percent and 18.5 percent respectively in November 2012.

In China, Samsung and Lenovo  were at the top two smartphone players with 14 percent and 13 percent share respectively in the third quarter, and Apple dropping out of the top 5 ranking to sixth.

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