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Sales of Galaxy smartphones and tablets around the globe drove a record quarterly profit equivalent to A$5.7 billion at Samsung Electronics. However, the South Korean tech giant is not clear of the woods created by Europe’s debt crisis, which is expected to weaken demand in some of its biggest markets.
Its flagship Galaxy smartphones appear to have outperformed lead rival Apple, despite a parts shortage said to have been at least part engineered by Apple via its massive buying power. And Galaxy tablets – while outpaced by a wide margin in the market by Apple’s iPad – are the top-selling Android tablets, contributing important dollars to the Korean company’s bottom line
In its April-June earnings guidance on Friday, Samsung – valued at $170 billion and the world’s leading maker of TVs, Android smartphones and DRAM memory chips – estimated operating profit had jumped 79 percent to 6.7 trillion won (A$5.7 billion) from a year ago.
That would be 14.5 percent higher than the previous record quarterly profit in January-March. Samsung estimated its Q2 revenue at 47 trillion won (A$40 billion).
“Revenue is below our forecast, which suggests price pressure was more severe than had been expected in products such as televisions and home appliances,” said Nho Geun-chang, an analyst at HMC Investment Securities in Seoul.
“Earnings will be stronger in the current quarter as sales of the high-end Galaxy S III will increase dramatically,” he said, predicting shipments of the S III would hit 19 million this quarter.
Samsung is due to release its full second-quarter results – the first since its components chief Kwon Oh-hyun took over as CEO – toward the end of this month.
– In the TV market, Samsung and Korean rival LG Electronics are among the few global makers making money and gaining market share from stumbling Japanese rivals Sony, Panasonic and Sharp.
But, spooked particularly by a weak chip market, Samsung shares have dropped 15 percent in the past two months, while the broader Korean market has fallen just over 5 percent, and Apple has gained almost 3 percent.
While strong handset sales grab the headlines, more than doubling profit growth, other businesses such as chips and consumer electronics are battling weak prices and demand and a limp euro, which eats away at repatriated profits.
