Samsung predicts 53 per cent quarterly profits boost

Forecasts beat analyst predictions whilst falling short of the firm's record profits to close Q4 2012
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The South Korean firm is expecting to record a 53 per cent jump in profits across the first three months of the year.

Buoyed by strong sales of its smartphone range, Samsung is anticipating operating profits of 8.7tn won (£5bn) over the first quarter of the year – a sharp increase over the 5.7tn won over the same period a year ago.

Whist the guidance will be followed up by a full earnings report later this month, the preliminary figures are greater than those forecast by analysts. However, they fall short of the firm's fourth quarter profits of 2012, which closed at a record $8.3 billion.

Samsung continues to enjoy success as the world's biggest smartphone maker, whilst analysts predict huge sales for the firm's upcoming S 4 flagship smartphone, which is set to release later this month.

The device is set to compete against bitter rival Apple and the firm's iPhone range, as the US firm is reportedly set to release its own new device later this year.

Samsung will release its full quarterly results on April 26th, just three days after Apple reports its own first-quarter financials.

Samsung image from Kobby Dagan/Shutterstock

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