Samsung Electronics, the world’s top maker of memory chips and smartphones, reported a record quarterly profit, aided by one-off gains and best-ever sales of high-end phones. The South Korean firm posted 5.2 trillion won ($4.5 billion) in quarterly operating profit, beating a consensus forecast of 4.7 trillion won by analysts surveyed by Thomson Reuters I/B/E/S. Samsung, which surged past Apple as the world’s top smartphone maker in the third quarter, only entered the smartphone market in earnest in 2010, but its handset division is now its biggest earnings generator.
Apple looked to ring in record first day sales as long lines made up of eager wannabe iPhone 4S owners formed at its stores around the world. In New York, the line outside Apple’s flagship Manhattan store no longer extended around the block after a half-hour of sales, but more people joined it as the morning progressed. Queues in Paris were smaller than those normally seen for a brand-new iPhone, with some fans there wondering if the somewhat underwhelming introduction had put people off, but in London and elsewhere the lines were as long as ever. Apple took more than 1 million online orders in the first 24 hours after its release, exceeding the 600,000 for the iPhone 4, which was sold in fewer countries initially.
Google’s third-quarter results trounced Wall Street expectations as good cost controls helped boost the Internet search leader’s profit by about 26 percent. The world’s No. 1 Internet search engine said its net income in the three months ended September 30 totaled $2.73 billion, up from $2.17 billion in the year-ago period.
Apple plans to launch a new iPhone with a faster chip for data processing and a more advanced camera in September, Bloomberg said. The new iPhone will include the A5 processor along with an 8-megapixel camera, the report said, quoting two people familiar with the plans. Apple is also testing a new version of the iPad that has a higher resolution screen, the report said, adding a cheaper version of the iPhone aimed at developing countries is also in the works.
Apple sued rival Samsung Electronics claiming that Samsung’s Galaxy line of mobile phones and tablet “slavishly” copies the iPhone and iPad, according to court papers. The lawsuit, filed on Friday, alleges Samsung copied the look, product design and product user interface of Apple’s products. Samsung violated Apple’s patents and trademarks, the suit alleges.