Samsung Mobile reports record profits

Samsung Mobile reports record profits

Samsung Mobile has reported record profits up 38% for the quarter ended 31 December 2010, driven by strong sales of smartphones such as its Galaxy S handset.

Profit surged to KRW 1.44 trillion, while revenue rose to KRW 12.11 trillion, from 10.17 trillion in the same period a year earlier.

Strong smartphone shipments drove Samsung’s mobile sales up 17% to 80.7 million units for the fourth quarter. Total mobile sales for the year were 280 million units, up 2% on 2009.

However, Samsung has predicted a ‘slight contraction’ in the first quarter of 2011 due to weak seasonal demand.

The company said it will introduce the successor to its Galaxy S smartphone during the first half of 2011. It is planning to double smartphone sales to 60 million units this year, with tablets such as its Galaxy Tab also key to its strategy.

Meanwhile, two of the company's four divisions - memory chips and liquid crystal displays (LCDs) saw smaller profits during period than they had experienced throughout 2010.

The TV, computers and consumer goods arms experienced a loss for the second consecutive quarter.

Written by Mobile Today
Mobile Today

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