Samsung's second-quarter net profit surges (AP)
By KELLY OLSEN, AP Business Writer 26 minutes ago
SEOUL, South Korea - Samsung Electronics said Friday that second-quarter net profit surged 51 percent from the same period last year, amid strong performance in flat panels, televisions and mobile phones.
Samsung earned 2.14 trillion won ($2.12 billion) in the three months ended June 30, the company said in a regulatory filing and press release.
Sales during the quarter rose 24 percent to a record 18.14 trillion won ($18 billion).
"We posted very strong results" despite a tough economic environment, Chu Woo-sik, executive vice president of investor relations.
Samsung also said it sold 45.7 million mobile phone handsets in the second quarter, 22 percent higher than the same period last year.
The result, however, was slightly off the 46.3 million sold in the previous quarter. Still, Chu called the second quarter "a commendable result" for mobile phones.
Handset sales for the first half totaled 92 million, an increase of more than 20 percent from the same period last year, Samsung said.
Chi Young-cho Chi, senior vice president for Samsung's telecommunication business, expressed confidence that the company would achieve sales of 200 million handsets this year.
Samsung Electronics Co. is the world's biggest manufacturer of memory chips, liquid crystal displays and flat screen televisions and ranks second behind Finland's Nokia Corp. in mobile phones.
In televisions, Chu said that Samsung expects its market share to continue increasing from its current global No. 1 position.
He forecast U.S. market share would come in at the high 20 percent range for the second quarter.
Shares in Samsung, which released earnings results less than one hour after the stock market opened, fell 3.3 percent to 594,000 won $589 in late morning trading.