Samsung Expects 1Q2013 Earnings Of $7.7B, Up 53% Thanks To Smartphone Sales

Samsung said that it expects to post first quarter operating profit of about 8.7 trillion won ($7.7 billion USD), up 53 percent from the 5.7 trillion won operating profit it earned a year earlier. The South Korean tech giant also said that its sales likely rose to between 51 trillion won and 53 trillion won from 45.3 trillion won a year earlier. Sales of its more than 30 smartphones models helped increase shipments to a record high in the first quarter despite the post-holiday shopping slump that hit rival Apple. Five analysts cited by Reuters said that Samsung likely shipped 68 million to 70 million smartphones, up from 63 million in the fourth quarter of 2012. In comparison, iPhone shipments likely fell 30 percent to the 30 million range from 47.8 million in the fourth quarter, the analysts said. Earnings have grown on sales of the Galaxy S and Note series, but analyst Lee Sun-tae of NH Investment & Securities told Reuters that Samsung will probably begin to rely increasingly on mid-tier ...

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