Samsung Electronics has announced its second quarter results, with revenue up 21% year-on-year to 57.46 trillion won (£33.6 billion) and operating profit up 48% year-on-year to a new high of 9.53 trillion won (£5.5 billion). Net profit was 7.77 trillion won (£4.5 billion).
The figures were in line with the company’s earnings guidance issued earlier this month.
Smartphone shipments and revenue increased from the previous quarter. Growth is expected to continue in the current quarter, although at a slower rate. This quarter, smartphones are expected to account for over 70% of the company’s mobile phone shipments.
Robert Yi, Senior Vice President and Head of Investor Relations at Samsung, said “Entering into a typically strong season for the IT industry, we expect earnings to continue to increase. However, we cannot overlook delayed economic recovery in Europe and risks from increased competition for smartphone and other set products. We expect to improve profit yields in the second half due to high-margin, differentiated components products, as well as gains stemming from increased smartphone and TV shipments.”