Samsung Estimates “Double Profits” for 1stQ

Samsung Electronics, the world’s top technology firm by revenue, estimated operating profit nearly doubled in January-March from a year ago, boosted by sales of its flagship Galaxy smart phones and its Note mini-tablet and phone.

The South Korean group, which out-sold global smart phone rivals last year, is set to consolidate its market position with new products, including a revamped Galaxy S, in the next few months.

Samsung, which will release its full quarterly results on April 27, estimated its January-March operating profit at a record 5.8 trillion won ($5.15 billion) versus a consensus forecast of 5.0 trillion won, as Reuters stated

Samsung shares have risen by a quarter so far this year, and hit a life high of 1.351 million won ($1,200) on Wednesday. Over the same period, shares in smart phone rival Apple have soared by more than half, taking the California-based firm’s value to above $582 billion – more than three times that of Samsung.

$1 = 1127.2750 Korean won