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Samsung Electronics profits boosted by smartphone sales Samsung Electronics profits boosted by smartphone sales
(35 minutes later)
Samsung Electronics has reported a 41% jump in profit for the first quarter, boosted by growing smartphone sales.Samsung Electronics has reported a 41% jump in profit for the first quarter, boosted by growing smartphone sales.
It made a net profit of 7.15tn won ($6.4bn; £4.2bn) during the period, up from 5.05tn won a year ago. Profits also rose from the previous quarter.It made a net profit of 7.15tn won ($6.4bn; £4.2bn) during the period, up from 5.05tn won a year ago. Profits also rose from the previous quarter.
The results are in sharp contrast with rival Apple, which earlier this week reported a drop in quarterly profits for the first time in a decade.The results are in sharp contrast with rival Apple, which earlier this week reported a drop in quarterly profits for the first time in a decade.
Samsung displaced Apple as the world's biggest smartphone maker last year.Samsung displaced Apple as the world's biggest smartphone maker last year.
Bryan Ma of research firm IDC said that the South Korean firm was doing "very very well right now".
"They have a lot of momentum behind what they are doing around phones, and clearly from a consumer perspective, they have a lot of excitement around their devices.
"They have a lot of their competitors wondering what they are going to do."