Samsung says they raked in record profits during Q2 2012

861482-samsung-pop-up-play

According to Reuters, Samsung estimates that that they raked in $41.5 billion worth of sales during Q2 2012. And as for profits, they say they’ve recorded around $5.9 billion. Just in case you missed it the first time, these numbers aren’t precise figures, those will be published on the 27th of July, these are just estimates that Samsung is required to issue according to South Korean law. Considering that the Samsung Galaxy S III hit Europe in late May, and the fact that it’s only now starting to hit store shelves in America, we’re not quite ready to declare that the GSIII is the sole reason for Samsung’s predicted record breaking quarter. Speaking about the GSIII, an unnamed Samsung executive told Reuters that:

“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. Our smartphones are flying off the shelves, with some outlets reporting 40-60 percent sales growth, but that’s distorting the overall trading outlook which is more challenging due to the weak global economy and a weak euro.”

What does that mean in layman’s terms? Selling a 500 Euro phone today doesn’t bring in as much money as it once did due to fluctuating currency exchange rates. Also, since Europe is facing high unemployment numbers and many folks are uncertain about their future, people are deciding to hold back on buying things. For those who may have forgotten, Samsung also sells a plethora of consumer electronics ranging from air conditioners to stoves to televisions.

Other key dates this month: Microsoft and Nokia report their financial results on the 19th, and AT&T and Apple report their results on the 24th. We’ll be keeping an eye out for you guys, so stay tuned for our coverage and analysis!

Back to top ▴