Good times roll: Samsung posts record Q3 earnings thanks to low-cost smartphones
Samsung has made its earnings official for the third fiscal quarter of 2013, which break its personal best, beating its own expectations. The company announced 59.08 trillion won (roughly £34 billion) in revenue and 10.16 trillion won in operating profit, making for its best quarter yet.
Operating profit was the big gain for the company, jumping seven per cent from second fiscal quarter 2013 and making a larger 26 per cent gain from 2012.
Samsung's impressive earnings follow Wednesday's news that Samsung has moved 40 million Samsung Galaxy S4 units in the device's first six months. As The Verge notes, Samsung saw a 10 per cent increase in phone sales, indicating the company isn't slowing down. However several industry pundits have noted Samsung was expecting more from its latest flagship.
Sales of the Galaxy S4 and Galaxy Note 3 stayed at the same level as the previous quarter. Samsung credits the sale of low-cost handsets across emerging markets, China, South America, and eastern Europe, for making it so much money. Samsung's semiconductor business (aka smartphone parts) saw the biggest gains during the 90 days, with revenue jumping 12 per cent from Q2.
The third quarter marks the seventh quarter in a row the company once again renewed record-high earnings. Samsung must be doing something right.
Apple is set to report its quarterly earnings next Tuesday. A little competition is always healthy.