There is no doubting that smartphone manufacturer Samsung has become a major force in the industry, with the company also providing consumers a number of other products to choose from. Now Samsung is predicting a massive jump in profits that is being led by sales of its hugely successful smartphones.
The company is estimating that its profits between January and March of this year has increased by 53% to $7.7 billion, and this has been helped by sales of its mid-range smartphones along with handsets such as the Galaxy S3 and Note 2.
This information has been provided before the company releases its full quarterly results later this month, and has exceeded analyst forecasts. The company has now enjoyed record profits for five quarters in a row and these are set to increase further with the release of the upcoming Galaxy S4 later this month.
Samsung is also looking to emerging markets with handsets away from its flagship models to further increase its business and analysts believe the company took sales away from Apple during the busy holiday season.
It is believed that during the period Samsung sold between 68 and 70 million smartphones, which is up from 63 million the previous quarter. While some of these figures are analyst estimates the company is certainly growing its market share.
Source: Reuters.