Galaxy phone drives Samsung to record profits - 13 WTHR Indianapolis

Galaxy phone drives Samsung to record profits

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SEOUL -

Samsung, the world's largest technology company by revenue, reported another record-high quarterly profit as customers flocked to Galaxy smartphones, helping it outdo rivals even at a challenging time for the global tech industry.

Samsung Electronics Co. said Friday its net profit swelled to 5.2 trillion won ($4.5 billion) in the April-June quarter, a 48 percent jump from a year earlier.

The earnings were lower than a median forecast of 5.6 trillion won in a poll of seven analysts by Yonhap Infomax, but Samsung shares rose 4.8 percent in Seoul as investors expect its earnings to continue growing strongly.

Samsung, the world's largest maker of mobile phones, televisions and memory chips, benefited from runaway demand for its Android-powered smartphones as rivals including Apple Inc. were yet to release new models.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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