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Samsung reports over $7B in profits, thanks to strong Samsung Galaxy S3 sales

Samsung reports over $7 billion in profits in spite of recent lawsuits with Apple. The company is optimistic as the holiday season gets closer.
October 26, 2012

Samsung has posted its last quarter profits and the numbers are not surprising at all. The company has reported a record $7.4 billion, which is double the profits compared to the same period last year. The Mobile Communications division accounts for half of all the revenue during the quarter, making up for weak chip sales.

The South Korean electronics doesn’t disclose its smartphone sales figures, but according to analysts, an estimated 60 million smartphones were sold. Comparing this to Apple’s recently announced quarterly earnings, Samsung leads by a huge margin in terms of actual sales. Apple reported having sold 26.9 million iPhones in the same period which stand for a big chunk of the company’s $8.2 billion in profits.

The Galaxy S3 is Samsung’s most successful flagship smartphone to date and comes fully loaded with Android Ice Cream Sandwich, 4G LTE, a zippy dual-core processor and an 8MP camera. Its large and vibrant HD display, with tons of internal memory, make it a favorite among Android die-hards. Samsung has specifically singled out the GalaxyS3 as a key component in its profit margins, with LTE-enabled devices seeing an increase in sales during the quarter.

Despite the ongoing battles with Apple that could cost the company over $1 billion in damages, Samsung expects its Galaxy smartphones to continue being the major revenue earner as the holiday season begins. Meanwhile, the Sprint Galaxy S3 will be the first to get the Android 4.1 Jelly Bean update in the U.S. The update will include support for accessories with NFC One Touch Pairing for Bluetooth devices and wireless mirroring through AllShare. If you are on Sprint, your device should already prompt you to download the Jelly Bean update and perform the install.