Samsung Net Beats Estimates As Phone Sales Surpass Apple

Discussion in 'Off-Topic Discussion' started by CatfishRivers, Apr 27, 2012.

  1. CatfishRivers

    CatfishRivers Well-Known Member

    Apr 5, 2011
    Likes Received:
    Trophy Points:
    Samsung Net Beats Estimates as Phone Sales Surpass Apple - Bloomberg (click for full article)

    "Samsung Electronics Co., the world's biggest maker of mobile phones, computer-memory chips and TVs, posted its highest profit in at least two years after beating Apple Inc. (AAPL) and Nokia Oyj in smartphone sales.

    Net income jumped 81 percent from a year earlier to 5.05 trillion won ($4.4 billion), the Suwon, South Korea-based company said in a statement today, beating the 4.24 trillion-won average of 29 analyst estimates compiled by Bloomberg.

    Samsung shares rose to a record in Seoul as earnings at the mobile-phone business almost tripled in the quarter, with new models such as the Galaxy Note taking on Apple's iPhone and iPad. Samsung, which overtook Nokia Oyj as the world's biggest handset maker in the first quarter, said momentum in the $219 billion smartphone market will continue with "remarkable" demand in emerging markets, helping mask a drop in chip profits.

    "The biggest driver now is smartphones," Park Jong Min, a portfolio manager at ING Investment Management Korea Ltd., which oversees about $17 billion, said by phone today. "It will stay good in the second quarter as new models are released."

    Samsung shares rose 2.5 percent to 1,374,000 won in Seoul, extending the gains this year to 30 percent. Apple has surged 50 percent in New York, compared with a 28 percent slump for Nokia (NOK1V) in Helsinki trading. "
    Last edited: Apr 27, 2012

Share This Page