By Jun Yang - Oct 28, 2011 7:06 AM GMT+0700
Samsung Electronics Co., the world’s second-largest maker of mobile phones, reported third-quarter profit that beat analysts’ estimates after the company sold a record amount of Galaxy handsets.
Net income in the three months ended Sept. 30 totaled 3.44 trillion won ($3.1 billion), the company said in a statement today, compared with the 3.4 trillion won average of 25 analysts’ estimates compiled by Bloomberg. A year earlier, the company had a net income of 4.46 trillion won.
The surging handset business will continue to drive earnings at the Suwon, South Korea-based electronics maker, offsetting falling profit at its display and chip divisions, said Koo Ja Woo, an analyst at Kyobo Securities Co. Samsung sold more smartphones than Apple Inc. did in the third quarter, according to estimates by brokerages including JP Morgan Chase & Co.
“Their smartphone business will keep getting better, with growth in shipments continuing,” Koo said before today’s announcement. Samsung has “strength in hardware” and is able to supply key handset components itself, the Seoul-based analyst said.
To contact the reporter on this story: Jun Yang in Seoul at jyang180@bloomberg.net
To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net
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