Samsung previews record-breaking second quarter
Samsung is riding its line of Galaxy smartphones to new heights, setting quarterly records, according to a Friday preview of its second quarter earnings.
The South Korean company increased its profit by almost 80% from this point last year, bringing in a profit somewhere between $5.7 billion and $6.1 billion.
Those figures beat Samsung’s expectations and also beat its record of $5.13 billion set in the previous quarter.
About $3.86 billion of Samsung’s second quarter profit is believed to be coming straight from the company’s mobile communications division, according to a report by the Associated Press.
The results are not the biggest surprise, seeing as a report from earlier this week showed Samsung’s Galaxy phones are still in first place in U.S. in market share.
However, the company did not meet its revenue expectations, and as a result, its shares fell Friday. Samsung was expected to bring in $43.85 billion, but it said the figure will be somewhere between $40 billion and $42.1 billion.
Analysts place some of the blame for the lower-than-expected revenue on Europe’s debt crisis, which is hampering the demand for smartphones on the Continent and also North America and China, according to the report.
Despite the setback, analysts expect Samsung will record even better performance when results for the third quarter come out later this year, as the sales of Galaxy S III continue and expand to more carriers.
A more detailed report on Samsung’s second quarter will be released later this month.
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