Smartphone sales boost Samsung profit surge

Samsung has said that it expects its profits for the second three months of the year to surge 79 per cent and points to smartphone sales as one of the main reasons.

The company has forecast an operating profit in the region of 6.7 trillion won (£3.8 billion) for the second quarter, which represents its highest quarterly profit since 2008.

This is at odds with Taiwanese mobile phone manufacturing rival HTC, which reported a 58 per cent fall in the three-month profits.

Disappointing European sales and issues surrounding US customs have been blamed for the company's fall from grace.

Samsung, meanwhile, has strengthened its position as the world's largest maker of mobile phones – a title it took from Nokia earlier in the year.

Analyst with HMC Investment Securities Nho Guen-Chang said of Samsung's results: “Earnings will be stronger in the current quarter, as sales of the high-end Galaxy S III will increase dramatically and drive the telecom division's earnings to above 5 trillion won.”

Posted by Samantha Green

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