Samsung sees big profits, as smartphone sales continue to soar
Samsung has seen its profits rise by more than 55 per cent following strong sales of its smartphones, and that's even before the Samsung Galaxy S4 goes on sale around the world.
In stark contrast to Apple's declining profits - which were still almost $10bn, by the way - Samsung made a huge $7.9bn in profit in the past 90 days.
"Highlighting the quarterly performance, the IT & Mobile Communications (IM) Division which comprises the mobile communications, networks, and digital imaging businesses, achieved profitable results backed by strong smartphone sales coupled with reduced marketing expenses," said the company in a statement on the results. "Sound sales of Galaxy S III and Galaxy Note II devices aided profit margins for mobile communications."
However, it's not time to crack open the champagne just yet. Despite the upcoming launch of the Samsung Galaxy S4 on Saturday 27 April, the company expects global demand for smartphones in the coming quarter to "dampen" because of "heightened competition".
While Samsung's mobile phone business is doing well, other sectors within the company aren’t as robust to the economy.
"The January to March quarter again proved trying on the PC business," the electronics giant confirmed, before adding: "Demand for consumer electronics products in emerging markets stemmed further sales losses but weak seasonality and a sluggish economy took their toll on Samsung’s sales of TVs and home appliances."
The company has a number of it's key products hitting retail over the coming months, including its new flagship televisions, cameras and phones.