Samsung Electronics has published its results for the third quarter of 2011, with revenue up 3% year-on-year to 41.27 trillion Korean won (£23.2 billion). Net income was down 23% year-on-year to 3.44 trillion won.
The company’s telecommunications businesses recorded quarterly sales that were up 37% from the previous year to an all-time high of 14.90 trillion won. Operating profit for the telecoms businesses was a record 2.52 trillion won.
Robert Yi, Vice President and Head of Investor Relations at Samsung, said “Despite the difficult business environment due to the economic slowdown in developed markets, Samsung achieved a solid performance and recovered its double-digit operating profit margin in the quarter, driven by strong sales of our smartphones. In anticipation of explosive growth in the mobile market, we have been focusing on fostering growth of certain component businesses, such as Mobile DRAM, application processors, NAND and OLED panels. These industry-leading technologies, combined with our design and software capabilities, have enhanced the competitiveness of our set products.”