Samsung sets record-high profit on mobile momentum

SEOUL, South Korea (AP) - Samsung Electronics Co. says its first-quarter net income jumped 42 percent 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 Friday its net income reached 7.2 trillion won ($6.5 billion) in the first three months of 2013, compared with 5 trillion won a year earlier.

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

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

Sales rose 17 percent to 52.9 trillion won. Operating profit was up 54 percent to 8.8 trillion won.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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