Market Updates
Samsung Electronics Net Soars 50%, Lower End Smartphone Sales Drive Sales
Bikram Pandey
26 Jul, 2013
New York City
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Samsung Electronics Co said it will invest $18 billion in its memory chip and display businesses in the current fiscal year. Net income, excluding minority interest, increased 50% to 7.58 trillion won.
Samsung Electronics Co said it will invest $18 billion in its memory chip and display businesses in the current fiscal year. Net income, excluding minority interest, increased 50% to 7.58 trillion won.
Samsung stock declined 0.9% after the release of earnings in Seoul trading today and the KOSPI market index in Seoul increased 0.06%
Sales in second quarter were 57.7 trillion won and operating profit increased to 9.53 trillion won and mobile phone unit that represents nearly two-thirds of earnings reported operating profit of 6.28 trillion won.
Samsung said it shipped 76 million smartphones in the quarter and earlier the company said it sold S4 in the first two months about 10 million units.
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