Samsung Q1 Profit Soar On Galaxy

Written by Oonagh Reidy     05/04/2013 | 13:30 | Category: HOME OFFICE

Samsung quarterly guidance spells goods news as operating profits rose over 50%, the Korean giant has announced.

Samsung Q1 Profit Soar On Galaxy

The world's biggest phone maker's January-March Q1 '13 operating profit rose 53 percent to an estimated 8.7 trillion won  (US$7.7 billion) thanks to huge sales of mid-tier smartphones, according to its latest guidance.

Samsung said it expects operating profit to fall within the range of 8.5 - 8.9 trillion Korean won, beating analysts estimates of 8.3 tr won, report Reuters.

Will this phone drive Samsung profits even higher?
Samsung said total sales were approximately 52 trillion won, and is said to have sold 68-70 million smartphones alone in the first quarter - up from previous quarters.

Analysts estimate Samsung sold  63.7 million smartphones in the last quarter of 2012, nabbing almost 30% of the phone market.

It will release full results at the end of the month, April 26.

Earlier today, Samsung announced it would be launching the Galaxy S4 in Oz on Tuesday 23 April, the same day as rival HTC One goes on sale, which could send Samsung profits even hgiher if its enjoys teh same popularity as its predecessor, SIII.

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