Samsung Profit Beats Estimates as Galaxy Fends Off IPhone 5

[marmar]

(Bloomberg) Samsung Electronics Co. (005930), the world’s largest maker of mobile phones and TVs, reported higher-than- expected fourth-quarter earnings as sales of Galaxy smartphones withstood the debut of Apple Inc. (AAPL)’s iPhone 5.

Operating profit rose 89 percent to 8.8 trillion won ($8.3 billion) in the three months ended December, Samsung said in a preliminary earnings statement today. That compares with the 8.5 trillion won average of 35 analyst estimates compiled by Bloomberg. The Suwon, South Korea-based company didn’t give net income or divisional figures.

Earnings at Samsung’s mobile business probably doubled from a year earlier, according to a Bloomberg News survey of five analysts, helped by demand for Galaxy Note II and Galaxy S III phones. That contrasted with slower than expected sales of the iPhone 5, which entered the market in September, following glitches with mapping software.

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Samsung sold about 62 million smartphones in the quarter, compared with Apple’s 45 million, according to a Daewoo estimate. The South Korean company is in a global patent legal fight with Cupertino, California-based Apple, which is also its biggest customer. ................(more)

The complete piece is at: http://www.bloomberg.com/news/2013-01-07/samsung-profit-surpasses-estimates-as-galaxy-fends-off-iphone-5.html