Beating analysts’ estimates, Samsung Electronics posted its biggest-ever quarter of profits despite a downtrodden year rigged with troubles with the now defunct Samsung Note 7.
Wall Street Journal Samsung’s massive earnings growth could top Apple’s quarterly profits for the first time in history, a very good news for the South Korean tech giant indeed.
The Journal said Apple has a projected net income of $8.2 billion for the three-month period, in what is traditionally a weaker quarter for the world’s most-valuable company.
Apple, set to launch its 10th-anniversary iPhone this year, is still projected to notch up larger full-year profits than Samsung.
It appears the company has now moved hastily away from those troubles with the exploding batteries that earned it thousands of meme’s on social media.
The company’s biggest earnings were driven by the success of its new Galaxy S8 smartphones and surging prices of semiconductors.
The South Korean tech giant said its earnings blew past its previous record quarterly net profit of 8.24 trillion won – jumping to 11.05 trillion South Korean won ($9.9 billion) for the three months ended June 30, an 89% rise from 5.85 trillion won for the same period a year earlier. – which came nearly four years ago as booming smartphone sales drove growth said The Journal.
The Journal also said the record-breaking results also position Samsung to top Apple in quarterly profits for the first time.