Samsung releases Q1 2013 earnings, shows $6.4 billion profit

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The figures are in for Samsung’s first quarter for this fiscal year and the South Korean company has posted a solid performance.

Samsung has announced operating profits of 8.78 trillion won ($7.9 billion) with a net profit of 7.15 trillion won ($6.4 billion) on revenues of 52.87 trillion won ($47.5 billion). This time last year Samsung posted a net profit of 5.50 trillion won ($5 billion), making the current quarter a substantial increase over Q1 2012.

Sales of the Galaxy S 3 and the Galaxy Note 2 were credited as assisting the performance of Samsung’s mobile division but the quarter “proved trying on the PC business”. Samsung also reported an increased demand for consumer electronics in emerging markets that helped to stem losses in that area.

Looking ahead Samsung’s Senior Vice President and Head of Investor Relations Robert Yi said “Although market uncertainties from the European crisis and the slow global economic recovery are still lingering, we expect to increase R&D spending for strengthening our competitiveness ahead of planned new product launches.”

“We may experience stiffer competition in the mobile business due to expansion of the mid- to low-end smartphone market while TV growth will continue to wane in developed markets.”

Source: Engadget

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