Samsung, the world's top technology firm by revenue, reported record quarterly profit of $7.4 billion dollars today, with strong sales of its Galaxy range of phones masking sharply lower memory chip sales.
The South Korean firm said July-September operating profit almost doubled from a year ago to 8.12 trillion won, in line with its earlier estimate.
Samsung, reporting its results just hours after main rival Apple Inc, did not detail its third-quarter smartphone shipments, though these are estimated to have soared to 58 million. Apple said it shipped 26.9 million iPhones in July-September. It launched its latest iPhone 5 on September 21.
Profits from Samsung's mobile division more than doubled to 5.63 trillion won - more than two-thirds of the group's total - as sales of the Galaxy S III, introduced in late May, powered ahead of the iPhone 5 launch. Samsung is estimated to have shipped 18-20 million S IIIs in July-September.
Keep up the good work Samsung!
Samsung has announced its earnings estimate for Q1 2013, and the numbers are looking amazing, mostly due to good samsung smartphone sales.
The company estimates 52 trillion won ($46 billion) in sales and an operating profit of 8.7 trillion won ($7.7 billion) for the quarter, besting Q1 2012 by 53% and increase of 15 percent from a year ago.
Counterpoint Technology Market Research said last month that it expected Samsung's smartphone sales to top 70 million during the first three months of this year, further expanding its share in the global smartphone market. The market research firm estimated Apple's iPhone sales to reach 35 million during the same period.
Samsung's financials have been improving quarter after quarter, and with its new flagship smartphone - Samsung Galaxy S4 - coming in April, things are definitely looking good for the Korean giant.
Google announced profits of $8.62 a share on revenues of $11.34 billion, after subtracting commissions paid to advertising partners. After excluding one-time charges, the Mountain View company's earnings per share were $10.65 for the October-December quarter. According to a Thomson Reuters analysis, Wall Street analysts were expecting Google to report earnings of $8.48 a share, or $10.52 a share excluding one-time charges, on revenue of $12.36 billion.
Motorola Mobility deal is still in the red. Google started a deal to sell off Motorola Home to the Arris Group a deal that should close in 2013. The deal is for $2.35 billion in cash and stock, which haven't been included in the Q4 report. During the earnings call, Google CEO Larry Page addressed the Nexus shortages saying that the company needs to manage its inventory better and that this is a priority for the company's teams.
Click here for latest Google ticker
Full earnings press release here