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Samsung’s Q2 results have solidified the company as the world’s top technology firm by revenue, generating record operating profit of $5.7 billion.
Shares rose 2.5% in early Seoul trade as profits more than doubled to $3.5 billion from its telecoms division, propelled by strong sales of its Galaxy SIII smartphone.
“Third quarter forecast looks to be better than second quarter results. Other Smartphone makers like RIM and Motorola are not performing well compared to Samsung and iPhone is coming out in October so it will not have much impact on Samsung sales in the third quarter,” HI Investment & Securities senior analyst Song Myung Sub told Reuters.
“The expected sales of Galaxy S III this quarter is 6.8 million and for the next quarter we forecast 15 million phones to be sold. Just in this area would bring 8 trillion won ($6.75 billion) sales increase.”
Samsung’s flat screen business experienced a turnaround, generating $632 million in profit. Its TV and home appliances generated roughly the same profit.
The company experienced a fall in semi-conductor profits and, as reported by the ABC, weak memory chip prices dented the firm’s earnings.
