Samsung to report record operating earnings of $5.9 billion for second quarter

Korean tech giant Samsung is planning on reporting second quarter earnings on July 27th. Many of the products that the company sells are under pressure thanks to a global economy that remains difficult to maneuver. But thanks to continued strength in sales of its Galaxy line of  smartphones, Samsung says it will report  record second quarter operating profits of 6.7 trillion won ($5.9 billion USD). That is an impressive 79% jump over last year's second quarter number and met expectations of 23 analysts.

Strong sales of handsets have enabled that division to double profits while other divisions producing chips, and electronics for consumers, are battling tough times. The recent launch of the Samsung Galaxy S III has been a world wide success with one analyst calling for 19 million units sold in the quarter. The 6.7 trillion won operating profit is 14.5% above the prior record set in the first quarter. Revenue is expected to come in at 47 trillion won ($41.4 billion USD), below forecasts of 50 trillion won.Despite the success of its handset line, Samsung shares have tumbled 15% in the last two months.

source: Reuters