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Samsung posts $7.4 billion profit for Q3, beats expectations

Samsung beats expectations, posts $7.4 billion profit in Q3

| Business, Financial & Legal News | Posted: Oct 26, 2012 4:29 am

Apple may have posted their Q4 results, seeing a tidy $8.2 billion in profits, but Samsung are not so far behind them, posting $7.4 billion profit in the past quarter just gone. The South Korean company told investors to expect $7.28 billion in profits, but beat this reaching $7.4 billion.

 

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The ever-so-popular Galaxy S III shipments have been increased "significantly due to global expansion", according to Samsung. Smartphones weren't the only thing that pushed Samsung to enjoy a great quarter, with consumer electronic sales also seeing a nice spike, achieving "industry leading profitability" in the TV market. Samsung cited growth in both the consumer space, as well as the sales of OLED panels for televisions, tablets and high-end smartphones.

 

Samsung's semiconductor sales didn't do so well, dropping 8% thanks to the dropping PC demand across the world. The company expects demand for PC DRAM and other high value-added chip products to continue to remain weak, but notes that the sector is still profitable, and may increase as new products are released.

NEWS SOURCES:Engadget.com

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