Samsung reports solid financial numbers for third quarter 2011

Samsung is doing much better than even the company previously predicted, in terms of its financial results. Reuters reported today that Samsung has predicted that its third quarter 2011 profits will come in at 4.2 trillion won (US$3.5 billion). While those numbers are 14 percent lower than a year ago they are well ahead of estimates from financial analysts who had predicted that Samsung would have just 3.4 trillion won in profits. Samsung will present its final and more detailed financial numbers for the third quarter later in October.

One of the reason for the better than expected profits is likely the sales success of Samsung's Galaxy S II smartphone. Samsung has already said that the device has sold 10 million units in just its first few months overseas. It started being sold here in the US via Sprint and AT&T in September. Kyung Woo-hyun, a fund manager at Daishin Asset Management, is quoted in the article as saying, "The Galaxy S II probably played a key role in boosting the company's earnings and it will continue to do so pretty much unchallenged, until Apple unveils a better new version of iPhone."

Samsung is scheduled to announce a major new Android-based smartphone, possibly the first that will have Google's Android 4.0 operating system inside, sometime later this year. It is also planning to launch its first smartphone in 2011 that will have Microsoft's Windows Phone 7.5 operating system inside. Finally, it is continuing to add new models to its Galaxy Tab tablet product line even as it deals with patent lawsuits with Apple that is keeping the Galaxy Tab from being sold in some parts of the world.

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