Samsung Expects Record Profits

Times have been good for Samsung. The company’s critically acclaimed Galaxy smartphones continue to post strong sales and Samsung’s market share in the global smartphone market keeps rising. The only bad news for the Korean giant is its recent loss in the everlasting patent struggle with Apple. To lighten the mood of investors after this setback, Samsung decided to give a little update on its second quarter results before officially releasing them later this month. Samsung expects to post a record operating profit of $5.9 billion, up 79% over last year’s second quarter. Revenue was a little weaker than expected though, as Samsung’s consumer electronics segment suffers from the state of the global economy and the weak Euro. It remains to be seen how strongly Samsung's business will be affected by the unfavorable market environment, but given its strong position in the evergrowing smartphone market, the outlook still appears positive.