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Samsung's Galaxy powers record $5.9 billion profit

Samsung's Galaxy powers record $5.9 billion profitAccording to Samsung Electronics' regulatory filing with the Korean stock exchange on Friday, the April-June quarter witnessed the company's operating profit increase a notable 79 percent year-on-year, to touch 6.7 trillion won
(US$5.9 billion); thanks largely to the strong sales of the company's Galaxy handset.

The record operating profit posted by Samsung for the second quarter beat the analysts' expectation of a 6.58 trillion won (US$5.78 billion) operating profit, as per the estimates compiled by newswire Bloomberg.

While the second-quarter operating profit figures posted by Samsung were fairly in line with the average projections in a Reuters poll of 23 analysts, the figures mark a 14.5 percent leap over the earlier record quarterly profit reported by the company for the January-March quarter.

The second-quarter revenue posted by Samsung was 47 trillion won ($41.4 billion), which - though 19 percent higher than the same quarter revenue figures for 2011 - was lower than the earlier estimated 50 trillion won revenue.

Noting that Samsung's smartphones-led earnings growth continued into the second quarter, Tong Yang Securities' analyst Brian Park said in a Bloomberg article that, with Samsung posting record profit figures for the quarter, "any concern about Samsung's business, as well as overall demand for technology products, can be put to rest for now."