Friday, October 7, 2011

Samsung Q3 Profit Beats Estimates on Smartphones

from Bloomberg:

>>Samsung Electronics Co., the world’s second-largest maker of mobile phones, reported profit that beat analysts’ estimates as demand for Galaxy smartphones outweighed slumping sales of displays and semiconductors.

“I’m quite amazed,” said Lee Seung Woo, a Seoul-based analyst at Shinyoung Securities Co. “It seems like there was a big surprise on the smartphone side.”

The company, which aims to sell more than 60 million smartphones this year, probably shipped half of that in the third quarter, Shinyoung’s Lee said.

Samsung will likely meet its target to sell more than 300 million handsets this year, including basic models, J.K. Shin, head of Samsung’s mobile-phone division, said Sept. 26.

The South Korean company’s sales accelerated from the second quarter after it began selling the Galaxy S II, a successor to its best-selling Android device introduced last year to counter Apple’s iPhone.

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