Samsung profits double year-on-year thanks to Galaxy S3

Samsung profits double year-on-year thanks to Galaxy S3
The Galaxy S3 has been raking in the cash for Samsung

Samsung has posted another successful quarter of earnings, as the Korean firm reveals profits have almost doubled since last year.

The electronics manufacturer revealed it had generated $47.5 billion (around £29.5 billion/AU$46 billion) in revenue during the third quarter of 2012, with an operating profit of $7.4 billion (around £4.6 billion/AU$7.2 billion) and a net profit of $5.97 billion (around £3.7 billion/AU$5.8 billion).

It notes that the profit represents a 91 per cent increase on earnings during the same period in 2011, which is sure to thrill Samsung's bosses and investors alike.

Mobiles lead the way

The company says its smartphone business has played a large part in its huge profit gain this year, with the likes of the Samsung Galaxy S3 proving very popular around the world, with the mobile division accounting for almost half of Samsung's total revenue.

Samsung also highlighted its Organic Light-Emitting Diode (OLED) and Liquid Crystal Display panels as contributing factors to its strong financial results, with the displays appearing in a variety of smartphones, tablets and TVs.

For the final quarter of the year Samsung predicts strong sales in the tablet PC market, plus the impending holiday season will boost demand for technology, however it expects its PC memory sector to witness a weak quarter as demand diminishes.

John McCann
Global Managing Editor

John joined TechRadar over a decade ago as Staff Writer for Phones, and over the years has built up a vast knowledge of the tech industry. He's interviewed CEOs from some of the world's biggest tech firms, visited their HQs and has appeared on live TV and radio, including Sky News, BBC News, BBC World News, Al Jazeera, LBC and BBC Radio 4. Originally specializing in phones, tablets and wearables, John is now TechRadar's resident automotive expert, reviewing the latest and greatest EVs and PHEVs on the market. John also looks after the day-to-day running of the site.