Samsung is spanking Apple in earnings, sales
LONDON. April 30. KAZINFORM Apple has elicited a lot of hand-wringing by investors and fans alike lately, even as its chief competition Samsung seems to be prompting nothing but applause. Turns out selling a wider variety of phones and tablets is a good strategy after all.
While Apple was on its way to the company's first profit decline in almost a decade during the first three months of the year, Samsung's net profit grew 42 percent in the same period to 7.2 trillion won -- about $6.5 billion U.S. -- from 5 trillion won a year earlier. It was a record-setting quarter for the Korean consumer electronics maker, Kazinform refers to CNN.
"Our business earnings grew from the previous quarter driven by an increase in smartphone sales and decreased marketing expenses," Hyun Joon Kim, Samsung's vice president of mobile planning told analysts.
In other words, Samsung sold more phones while pumping less money into marketing. Kim further pinned the quarter's success on sales of its flagship smartphone, the Galaxy S3, and itsoversized Galaxy Note 2 handset.
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