Samsung reports strong Q3
Samsung Electronics today reported strong second-quarter earnings, with total year-over-year net profits rising 83 percent to $3.6 billion.
The company's mobile division, Samsung Mobile, did relatively well. The division of the company that makes smartphones and cell phones reported a 17 percent year-over-year jump in revenue to $31 billion and shipped 63.8 million units during the second quarter. That's a 22 percent year-over-year increase but is down a notch sequentially from 64.3 million units.
Fully 30 percent of devices sold were touchscreen phones. That's up from 15 percent year-over-year.
The company attributes the year-over-year increase in shipments to the global economic recovery and blamed the sequential drop on Europe's recent financial woes.
The company said it expects a significant increase in shipments in the second half of 2010 on sales of its Galaxy S and Wave line of smartphones. Additionally, Samsung expects a 15 percent increase in demand in the second half of the year due to strong holiday sales, resulting in "high-single digit" sequential growth.
The company expects strong smartphone growth in the third quarter, highlighting Android phones as a major sales driver. In emerging markets, the company expects 3G and full-touch phones to drive replacement demand.