Samsung Galaxy S III Catapults Record $7.3 Billion In Profit, Makes More Than Enough To Make Up For Reduced Apple Parts Orders
Samsung has reported earned $7.3 billion in profit this quarter, a fourth straight record quarter and almost double last year’s figure, according to Reuters. This quarterly profit is in large part due to the success of the Samsung Galaxy S III smartphone, and is enough to offset reduced chip and screen orders from Apple.
This record will likely come to an end this current quarter, as Samsung spends more on marketing itself against Apple’s iPhone and other competition.
Samsung is expected to make a record $25 billion profit for the entire year, so losing the $1 billion patent verdict against Apple won’t make that much of a dent in profits for the company overall.
New quarterly results are due on October 26, but Samsung is already valued at $197 billion and is considered the world’s leading maker of TVs, smartphones, and memory chips and has estimated a profit jump in July-September of 91 percent to 8.1 trillion won ($7,301,552,946.198 USD) from one year ago.
Since Samsung was found guilty of copying Apple products in the recent high-profile patent trial in August, Samsung shares have risen 7.2 percent while Apple shares have risen less than 1 percent.
Strong sales from Samsung’s handsets have been more than enough to offset the reduced profits from companies like Apple. Samsung is expected to reduce its investment in chips next year, due to a drop in demand.