Samsung is doing very well for itself, thank you very much. The company sent out estimated earnings for the second quarter of 2012 on Friday and said that it generated a profit of 7.7 trillion won (about $5.9 billion). That's a massive 79 percent increase compared to the same period a year ago. Overall revenues for Samsung were 47 trillion won ($41.4 billion) for the second quarter. The company will reveal its full earnings report later in July.
Reuters reports that one of the big boosts for Samsung's profits were sales of its smartphones, such as the recently launched Galaxy S III. An unnamed executive from the company said "Our smartphones are flying off the shelves, with some outlets reporting 40-60 percent sales growth ... "
Even with Samsung's success, the unnamed executive does see trouble on the horizon, mainly due to the current economic situation in Europe. The executive stated, "Europe is our biggest consumer electronics market and we may have to initiate cost cuts and product price increases should the euro fall further from the current level."