Samsung's operating profit up 53 percent in 1Q

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Associated Press

Posted on April 4, 2013 at 11:06 PM

Updated Thursday, Apr 4 at 11:06 PM

SEOUL, South Korea (AP) — Samsung Electronics Co. says its January-March operating profit rose 53 percent over a year earlier.

The South Korean firm estimated Friday its first quarter operating income at 8.7 trillion won ($7.7 billion). The preliminary result is a 2 percent decline from the previous quarter when the operating income stood at a record high.

Samsung said its first quarter revenue grew 15 percent from a year earlier to 52 trillion won.

Analysts say smartphone sales and shortages in memory chips for personal computers helped Samsung. Its first-quarter profit was higher than market expectations during a typically slow quarter in the consumer electronics markets.

Samsung's full results including net profit and breakdown figures for each division will be released later this month.

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