Samsung Posts Record Profit

Friday, April 6, 2012

Samsung Posts Record Profit

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Samsung Electronics posted record quarterly profit of $5.15 billion, driven by sales of its smartphones and the Galaxy Note 'phablet'.

According to the Korean company, the Galaxy Note has sold more than 5 million since launching in October, contributing to the company's earnings.

Samsung is also launch the new Galaxy S III flagship smartphone this year, in an effort to put some pressure to rival Apple and its next iPhone.

Besides the blooming smartphone sales, Samsung is also expecting to benefit from Japan's Elpida Memory bankruptcy, which customers may switch to Samsung and SK hynix to secure supplies of memory chips used in smartphones and laptops.

Samsung will release its full quarterly results on April 27.