Samsung income soars by 42% on back of robust smartphone sales

Electronic company’s results beat forecasts

 

Samsung has said its first-quarter net income jumped 42 per cent over a year earlier to a record high thanks to robust smartphone sales even during a typically slow season for the electronics market.

The world’s largest smartphone maker said its net income reached 7.2 trillion won (€5 billion) in the first three months of 2013, compared with 5 trillion won a year earlier.

The surprise figure marks a 2 per cent increase from the previous quarter. Analysts expected Samsung to report lower profit than the fourth quarter because demand typically slows.

Samsung says demand for Galaxy S III smartphones and Galaxy Note devices shored up profit.

Sales rose 17 per cent to 52.9 trillion won (€36.5 billion), and operating profit was up 54 per cent to 8.8 trillion won (€6 billion).