News by Andrew Kameka on Friday October 05, 2012.
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Samsung has released estimates on its financial performance in the most recent quarter, and the company expects an audit to confirm that it made $7.3 billion in profit, more than double what it reported during the same period last year. Samsung says that revenue from its high-end TV's and the popularity of its Galaxy smartphone series propelled the company to a record quarter, reports Reuters.
Improved performance of the Galaxy S series explains why the company managed such higher profits. The Samsung Galaxy S II was not released in the United States until October and November 2011, it arrived in multiple form factors at different carriers, and Verizon did not carry it. By comparison, the Galaxy S III was released in the United States this summer and was sold in the same form factor at all carriers. The reduction in costs for needing to create multiple models, combined with strong sales throughout the quarter, led to a far greater performance in 2012.
Samsung's success may carry over into the next quarter because of continued sales of the Galaxy S III, and the launch of the Galaxy Note II in more markets. The Korean manufacturer may even get a boost from a lineup of new mobile products that includes an Android-based camera, a Windows Phone 8 handset, and Windows 8 tablets. Analysts don't expect the company's next quarter to break records because of strong competition from the Apple iPhone 5 and the possible release of a new iPad model.
Andrew is based in Miami, Florida.