NewsSamsung Announces Record-Setting Profits

Samsung Announces Record-Setting Profits

Samsung Electronics has reported its best-ever quarterly profit. For its most recent quarter, the company announced revenue of 60 trillion won, beating estimates of 58.4 trillion won. Income reached 14 trillion won, or $12 billion, exceeding analyst forecasts of 13 trillion won.

Analysts say the excellent quarterly numbers resulted from strong component sales as well as its new Galaxy S8 smartphone. “Samsung’s dominance in components that matter gives it the upper hand at least through the entire next year,” said Lee Jae-yun, an analyst at Yuanta Securities Korea. “There is only so much either Apple and Samsung can do right now to make their smartphones stand out, unless technology like foldable displays reshapes the market.”

Samsung is the world’s largest manufacturer of memory chips.

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