South Korea's Samsung Electronics is posting a record $5.2 billion profit for the first quarter, becoming the largest mobile handset manufacturer by sales and outselling Apple's iPhone in the lucrative high end of the market.
SOUTH KOREA-SAMSUNG - South Korea's Samsung is the new the king of mobile.
In delivering record breaking profits of over five billion dollars for the first quarter, the company managed to both outsell the iPhone in the upper end of the market and overtake
Nokia as the world's biggest handset maker by overall sales.
In total, Samsung sold 93.5 million handsets in the quarter, shifting 20 thousand Galaxy smartphones an hour between January and March.
Shin Young-Jun is a senior manager of communications for the company.
SHIN YOUNG-JUN, SAMSUNG ELECTRONICS SENIOR MANAGER COMMUNICATION TEAM SAYING
"Despite an economic slowdown globally and seasonal weakness in demand, we achieved solid revenue and profits thanks to our differentiated products and technological leadership."
Samsung will soon launch the third generation of its Galaxy S in London, hoping to boost sales ahead of the summer Olympics where the group is among the main sponsors.
Matt Cowan, Reuters