Written by: James Pearce
Posted on: 07 April 2015. Tags: Mobile News, Samsung
Korean manufacturer forecasts quarterly operating profit of 5.9 trillion Won (£3.65 billion) for first three months of 2015
Samsung Electronics saw its profits fall by 31 per cent year-on-year for the first three months of 2015, from £5.2 billion to £3.65 billion.
The decline would represent the sixth consecutive quarter in which the Korean manufacturer as seen its profits fall annually, but it is a slower decline than the 36 per cent dip recorded in Q4 2014.
The world’s biggest manufacturer of mobile phones said it expected to record sales of 47 trillion won for the first three months of the year (£29 billion).
The results are better than analysts had predicted, with analyst polls from Bloomberg and Reuters forecasting operating profit of 5.5 trillion won and 5.3 trillion won respectively. This led to an rise in Samsung’s shares, which hit a two year low in October, but have risen by 36 per cent since then.
“We’re done with recovery,” Kim Hyun-seok, head of Samsung’s television business, told local reporters last week.
Samsung’s newest flagship smartphone, the Samsung Galaxy S6 and S6 edge will both go on sale in the UK on Friday.