Samsung First-quarter Profit Up 53 Percent

Saturday, April 6, 2013

Samsung First-quarter Profit Up 53 Percent

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Samsung Electronics said its operating profit last quarter rose 53 percent over a year earlier, outpacing expectations.

In a guidance released ahead of full quarterly results by April 26, Samsung estimated its January-March operating profit rose 53 percent to 8.7 trillion won ($7.7 billion) as sales of mid-tier smartphones helped the South Korean giant tide over the off-peak season.

Analysts expect Samsung's earnings to hit a new high in the current quarter as Samsung's Galaxy S IV smartphone hits the market this month.

Samsung also estimated its first-quarter sales at 52.0 trillion won, versus a market forecast for 53.0 trillion won.

Samsung is the world's largest maker of smartphones, memory chips, televisions and flat screen panels.