Samsung Profits Soar 91%, Thanks Galaxy

Samsung’s stellar rise continues with their latest quarterly earnings up an astonishing 91%

Samsung’s Q3 sales, just announced, were also up 26% to 52.18 trillion won, compared to 41.27 tr won same time a year ago.

Their third quarter net profit was 6.56 trillion won – a massive 91% jump, on the back of stellar popularity of its Galaxy smartphone line.

The Galaxy maker’s smartphone market grew around 10% and the world biggest phone maker said it enjoyed “solid demand”  while feature or dumb phones also rose 10%.

Earnings from its Mobile Communications division accounted for almost 70% of its overall profit.

The company does not release exact unit shipments but analysts reckon total shipments during the third quarter exceeded the 50 million mark.

There was a “substantial increase in revenue/profit QoQ driven by rising sales in high-end smartphones, enhanced product mixes” Samsung confirmed in a statement.

LED TV demand rose 30% due to ‘expansion of mass market products’ and reported solid earnings in the division due to  expansion of large size 60″ premium LED s in developed markets and 32″- 40″ sets in emerging regions.

On the appliance front, earnings declined due to eased demand in developed markets and weak seasonal demand for air conditioners. However, the average selling price increased in the three month q3 period.

Samsung is also predicting demand for its tablets to lift on the back of new product launches and price competition in Q4, but predicts rivalry in the smartphone market to intensify as a slew new models are launched on Android and Windows 8.

The S3 maker held 30.34 tr won cash at the end of the quarter compared to 23.80 tr won in Q2.

The Korean’s Q3 operating profit also rose 91% 8.12 to 4.12 tr won the same quarter a year ago.

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