It would seems that Steve Jobs’ attempts to close down Samsung in a legal thermonuclear war have failed completely with the company reporting record profits.
According to Samsung, it has been the company’s strong smartphone sales that helped Samsung Electronics beat market expectations in the third quarter.
Give that is the part of the balance sheet that Apple’s patent troll actions are supposed to have shut down, Jobs’ Mob must be gutted.
In fact Samsung, according to Reuters, managed an operating profit increase of more than 85 per cent.
Revenue for the quarter was between $46 billion and $47.7 billion, up from $37.2 billion last year. Operating profit was between $7.1 billion and $7.5 billion, up from $3.8 billion. This was well above what the Cocaine Nose Jobs of Wall Street predicted.
Strangely shareholders were not that impressed. Samsung’s shares were trading only 0.15 percent higher this morning. It appears they do not think that Samsung would repeat the positive surprise in the fourth quarter.
Although, to be fair, shares in the company have risen 62 percent in the last year so getting much higher may not be necessary.
The dark side of the balance sheet has been the fact that the company’s semiconductor division has not done so well.
This was due to muted demand for memory chips from the PC market and the fact that Apple’s iPhone 5 arrived late. Samsung makes a lot of the bits for the iPhone 5 despite the pair’s legal shenanigans.
Samsung might improve in the coming months. It recently launched the Galaxy Note 2 tablet and an improved contribution from European sales as a result of a stronger euro.