SEOUL, South Korea (AP) — Samsung Electronics Co. says its first-quarter net income jumped 42 percent over a year earlier to a record high thanks to robust smartphone sales even during a typically slow season for the electronics market.
The world's largest smartphone maker said Friday its net income reached 7.2 trillion won ($6.5 billion) in the first three months of 2013, compared with 5 trillion won a year earlier.
The figure marks a 2 percent increase from the previous quarter and a surprise. Analysts expected Samsung to report lower profit than the fourth quarter because demand typically slows.
Samsung says demand for the Galaxy S III smartphones and the Galaxy Note devices shored up profit.
Sales rose 17 percent to 52.9 trillion won. Operating profit was up 54 percent to 8.8 trillion won.
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