Samsung reports record profit in third quarter of 2013

Samsung reports record profit in third quarter of 2013

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South Korean giant Samsung Electronics announced an all-time high operating profit, which amounted to 10.1 trillion won ($9.4 billion) during the third quarter of 2013, thanks to a rebound in the company's semiconductor business and a significant increase in shipments of low-end smartphones. This was stated from Samsung's regulatory filing on Friday, October 4, 2013.

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The company's sales have gone up 13 percent and operating profits have increased 25 percent, when compared to the same period in 2012. Sources from the industry credited the company's surprising performance to Samsung's low-end smartphones. Lee Min-hee, from the Seoul-based I’M Investment & Securities said, “The information technology & mobile business’ operating profits seem to have posted 6.6 trillion won. Though the share of overall handset sales taken up by high-end handsets went down from 42 percent to 33 percent, the operating profit of mobile sector edged up”.

Analysts suggested that Samsung sent out around 85 million smartphones during the third quarter of 2013, which is up 10 percent from the previous quarter. In addition to this, the fourthquarter profit of Samsung is expected to be even higher than the third quarter.

Byun Han-jun from KB Investments & Securities said that there is no reason why the operating profits of the fourth quarter of 2013 should be lower.

Photo Credits: reuters

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