Samsung Crushes Earnings, Blows Past Nokia To Become World’s Biggest Cellphone Maker
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Steve Kovach, Business Insider

SEOUL (Reuters
) – Samsung
Electronics Co
, the world’s top technology firm by revenue, reported a record quarterly profit on Friday, as its Galaxy
smartphones
and Note Cell Phone Screen Repair/tablet helped it win market share from Nokia

and as it outmuscled Japanese rivals in TVs and memory chips.

Samsung did not break out its first-quarter smartphone and handset shipments, but analysts forecast it ended Nokia’s 14-year leadership of the global cellphone market, outselling the struggling Finnish company for the first time.

Nokia sold 83 million handsets in January-March, including 12 million smartphones. Samsung
is estimated to have sold 90 million handsets, including 44 million smartphones, according to analysts.

Samsung reported January-March operating profit of 5.85 trillion won ($5.15 billion), broadly in line with its earlier estimate of 5.8 trillion won, and nearly double the 2.95 trillion won a year ago. In the fourth quarter of 2011, the company had an operating profit of 5.3 trillion won.

Its handset division profit nearly tripled to 4.27 trillion won, accounting for 73 percent of total profit. Operating profit margin of the division also improved to 18.4 percent from 11 percent a year ago and 12 percent in the preceding quarter, helped by strong sales of the high-end Galaxy S and Note.

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