Samsung Electronics Co., Ltd. (005930) Sees Record Profits This Quarter

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Samsung Electronics Co., Ltd. (KRX:005930) has reported that their operating profits for the quarter has hit a record for the July-September quarter.  This was largely driven by the high demand for their smartphones.  Revenues were also driven by cheaper mid-range smartphones in developing countries. 

Samsung’s third quarter operating income went up 25% compared to a year earlier at 10.1 trillion won ($9.4 billion).  Financial data provider FactSet was expecting Samsung to hit $9.3 billion so they beat expectations. 

Samsung’s third quarter sales went up 13% to a record high of 59 trillion won ($55 billion).  Samsung did not say what the net income was.  The full results will be disclosed later this month.

[Source: Huffington Post]

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