Stark contrast to fortunes of Korean rival LG
Sales of Samsung smartphones rose by more than a fifth in the Q2 2012 to a record profit of $47.1 billion [£30 billion], the South Korean manufacturer has confirmed. The world’s biggest handset maker also increased its operating profit by 79 per cent to $5.9 billion [£3.75 billion]. Though the trading update was in line with analysts expections, shares still rose by more than 4 per cent in early trading in Seoul today [July 27th 2012].Samsung added that it expected demand for its smartphones to continue rising in this third quarter as new products with diverse price ranges came on line, building on the company’s success with its recently launched Galaxy SIII.Samsung’s success compares starkly with that of rival Korean handset maker LG which yesterday [July 26th 2012] revealed how income plummeted by an annual 28.6 per cent in its mobile comms division, resulting in an operating loss of $49.5 million [£31.5 million] – its fifth loss in the past seven quarters.
