Blog Post

Earnings: Samsung Beats Expectations Boosted By Mobile Phone Unit

Samsung Electronics posted a 72 percent drop in quarterly profit, but strong handset sales helped the South Korean electronics giant beat analyst expectations. First quarter net income dropped to 619.2 billion won ($461 million), hit by losses at its chip and LCD units. But a Bloomberg survey of analysts had been fearing much worse, with net profit coming in 11 times higher than the media forecast. Sales were up 8.5 percent to 18.57 trillion won ($138.2 billion) in the first quarter.