Samsung announces record profits

Samsung has posted record profits, which come close to doubling its earnings from the same period in 2011. The company beat the expectations of analysts by announcing a $5.1 billion (£3.2bn) profit for the first quarter of 2012, up from $2.95 billion a year earlier (1.85bn).

The figures have been propelled into record territory by sales of the Galaxy range of smartphones and tablets, particularly the Galaxy S2 handset and the Galaxy Note hybrid device. Sales of the company's hugely-impressive range of televisions have also helped Samsung increase sales.

Samsung had its chips?

Reports suggest the company's profits may have been even higher, but for the slowing sales in the chip division. “Sales of new models of smartphones, such as the Note, were better than expected," analyst James Strong told Bloomberg. "They have a good line-up of new products, so they will be able to keep the momentum alive for two or three quarters, at least."

Another analyst told Bloomberg that Samsung likely shifted 44 million smartphones during the first three months of 2012, which would make the company the world's biggest manufacturer during that period. That figure would triple its sales from one year ago and exceed Apple iPhone sales "by a significant margin," according to Seoul-based Matt Evans.

With the Galaxy S3 in the pipeline, and anticipation for that phone reaching fever pitch, it doesn't seem like those profits will be taking a downward trajectory any time soon.

Via: Bloomberg