Market analysts had earlier predicted that Samsung would achieve the 8.7 trillion won or $7.7 billion target in operating profits in the first quarter of this year. According to a report on Reuters, the South Korean company has missed that target, but has still managed to net a staggering 7.15 trillion won ($6.4 billion) in Q1, up from 5.05 trillion won in 2012. Also Read - Sony PS5 to be restocked on July 26 in India
According to the report, this is the sixth straight quarter where Samsung has net a huge profit and this is mainly due to the sales of its smartphones, which account for nearly 70 percent of the company’s overall profits. In a market where smartphone sales have shown a slight decline, Samsung has seen a 42 percent increase in its sales figures compared to Q1 last year. Though Samsung hasn’t revealed any figures, the report quotes market analysts claiming that the company must have sold nearly 68-70 million smartphones in Q1, up from 63 million in the previous quarter. Also Read - Amazon Prime Day sale 2021: Top 5 deals on budget phones from Redmi, Samsung, more
The sales figures are not just due to Samsung’s high-end Galaxy S series or the Note series, but the mid-range and entry-level phones that are also fuelling the sales figures. The report has further stated that the South Korean company is set to break all of its previous records in the second quarter, thanks to the recent launch of the highly-anticipated Galaxy S 4.