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 This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • Uber Upset
    Jason Rantz pokes holes in driver's discrimination claim against Uber

  • The Principal's Office
    Somebody's in trouble - lawmakers have to face the State Supreme Court for a lack of action
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know a student who stands out in the classroom, school and community?
Help make their dreams come true by nominating them for a $1,000 scholarship and a chance to earn a $10,000 Grand Prize. Brought to you by KIRO Radio and Comprehensive Wealth Management.

Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.