Samsung Has Record Profit on Strong Q1 Tablet and Smartphone Sales

If there was even a slight doubt that tablet and smartphone sales weren’t moving at a strong clip, Samsung Electronics has erased it.

On April 26, the electronics giant said its first quarter profit jumped to a record high and sales showed no slowdown after the busy holiday shopping season.

Samsung reports that January-March net profit jumped 42 percent to 7.2 trillion won ($6.5 billion USD) from 5 trillion registered in Q1 2012. Sales climbed 17 percent to 52.9 trillion won, while operating profit was up 54 percent to 8.8 trillion won.

Samsung said sales of the GALAXY S III smartphone and the popular Galaxy Note phablet remained strong. The new GALAXY S4 smartphone, which is shipping at the beginning of May, will likely continue to propel record sales in 2013, according to analysts.

Market research firm IDC forecasts that Samsung sold 70.7 million smartphones during the first quarter, a 61 percent gain from 2012. IDC maintains that Samsung’s mobile market share sits at 33 percent, almost double that of Apple’s 17 percent share.

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