Samsung reports forecast-beating profit

Samsung reports forecast-beating profit as smartphone sales continues rise

Associated Press

SEOUL, South Korea (AP) -- Samsung Electronics co. says its net income for the fourth quarter of 2012 surged 76 percent as profit from its mobile business more than doubled.

Samsung said Friday its October-December net income reached 7.04 trillion won ($6.58 billion), compared with 4.01 trillion won a year earlier. Analysts expected 6.95 trillion won in income according to FactSet.

Sales and operating income were slightly higher than its earlier preview. Sales rose 19 percent over a year earlier to 56.06 trillion won and operating income jumped 89 percent to 8.84 trillion won.

Samsung, which overtook Apple as the top smartphone maker, said its operating profit from the division that makes and sells smartphones and tablets more than doubled to 5.44 trillion won in the fourth quarter, from 2.56 trillion won a year earlier.

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