It was a phenomenal first quarter for Korean electronics giant Samsung.
The company said net income jumped 81% compared to the same period in 2011, rising to $4.46 billion, a quarterly record for Samsung. Sales for the quarter increased 22% from last year to about 45.3 trillion won ($40 billion).
Strong sales of its Galaxy line of smartphones drove company earnings, with almost 70% of profits derived from its mobile device unit, the Associated Press noted. Increased smartphone sales offset declining earnings at Samsung’s semiconductor unit, which posted lower earnings compared to last year.
The company expects to exceed this quarter’s record earnings in subsequent quarters this year.
Sales of Samsung smartphones beat Apple‘s (NASDAQ:AAPL) iPhone sales soundly during the first quarter, according to data from Strategy Analytics, which said Samsung sold 44.5 smartphones during the period, compared to 35.1 million units for Apple — however, Apple has much higher margins on its iPhones, and the company’s first-quarter earnings of $11.6 billion were double Samsung’s.
However, Samsung had Apple to thank for the success of its display panel manufacturing unit, which produces the touchscreens for the latest iPad.
The AP notes the biggest loser in Samsung’s rise has been Nokia (NYSE:NOK). The Finnish mobile phone maker saw its mobile handset sales come in 10 million units under Samsung’s during the quarter.