Business World

Wednesday 1 October 2014

Samsung selling 500 new phones a minute

Miyoung Kim and Hyunjoo Jin

Published 09/01/2013 | 05:00

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SAMSUNG Electronics, the world leader in mobiles and memory chips, said it probably earned a quarterly profit of €6.1bn, as it sold close to 500 handsets a minute and demand picked up for the flat screens it makes for mobile devices, including those for rival Apple products.

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Its run of five straight record quarters may end in January-March on weaker seasonal demand, though a strong pipeline of smartphones – the South Korean group's biggest earner – and improving chip prices have eased concerns that earnings growth could slow this year, powering Samsung shares to record levels last week.

Samsung said its October-December operating profit jumped 89pc to 8.8 trillion Korean won from a year ago. That is 8.6pc higher than its previous record of 8.1 trillion.

Samsung has outpaced Apple – its biggest rival and biggest customer – despite the US firm's launch of the iPhone 5. IPhone 5 sales were a little below expectations.

While Apple rolled out just a single new smartphone last year, Samsung bombarded the market with 37 variants tweaked for regional and consumer tastes.

(Reuters)

Irish Independent

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