Samsung Says Record Phone Sales Sent 4Q Profit Up 89%

By David Zielenziger | January 09 2013 4:01 PM

Samsung Electronics Co. (KSX:005930), the No. 1 smartphone maker, announced that its fourth-quarter operating profit surged 89 percent to 8.8 trillion won (US $8.3 billion), a new record, mainly because of surging demand for its smartphones.

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Formal results are expected to be posted on Jan. 25.

The South Korean giant also said it benefited from demand for products from rival Apple (NASDAQ:AAPL), for which it makes chips, components and displays for its iPhone and iPad product line. Samsung’s Galaxy S III phone, introduced in July, became the world's best-selling smartphone in the third quarter, when it sold 18 million units; analysts believe sales were about 15 million units in the fourth quarter.

But sales of the Galaxy Note II tablet, which poses a challenge to the iPad line, were strong, at about 8 million units, the company said. Sales are expected to continue to be strong in the run-up to the new lunar year, which begins next month, the company said.

Shares of Samsung closed at 1.5 million won on Tuesday. They’ve gained 46 percent in the past 52 weeks.