Sales of Galaxy S III may reach 10m in July
Source: Agencies |
June 26, 2012, Tuesday
|
Print Edition
Print Edition
SAMSUNG Electronics Co expects sales of its new Galaxy S III, launched at the end of last month as a main rival to Apple's iPhone, to top 10 million during July, making it the South Korean group's fastest selling smartphone.
It also predicted earnings from its handset division would be higher in the current second quarter than in January-March, countering market concerns that tight supplies of the new Galaxy model and the weak global economy would pressure earnings at Asia's most valuable technology firm.
Shares in Samsung dropped 4.2 percent yesterday to a four-and-a-half month low, after more brokers cut their quarterly profit outlook. The KOSPI stock index fell 1.2 percent.
"The overall market condition was challenging due to eurozone issues and tight supply of components ... but (our) second-quarter results will be better than the first quarter," JK Shin, head of Samsung's mobile division, said.
Profit from Samsung's mobile division nearly trebled in January-March to US$3.6 billion, accounting for 73 percent of group operating profit.
"Looking beyond its current weakness in the chip sector, it appears investors are also worried that global macroeconomic woes may eat into handset sales in the second half," said Han Seung-hoon, an analyst at Korea Investment & Securities.
Samsung kicked off global sales of its Galaxy S III on May 29, but shipments have been affected by the tight supply of parts such as the handset casing for the pebble-blue model.
In the US, where sales were launched last Thursday, major carriers including Sprint Nextel Corp, T-Mobile and AT&T have not been able to offer the Galaxy with 32 gigabytes of memory, partly due to tight supply.
"Due to overwhelming demand for the Galaxy S III worldwide, Samsung has informed us they will not be able to deliver enough inventory of Galaxy S III for Sprint to begin selling the device on June 21. We are working closely with Samsung on a delivery schedule to support our launch," Sprint said on its website. It has yet to start shipping pre-orders for the 32 GB version.
It also predicted earnings from its handset division would be higher in the current second quarter than in January-March, countering market concerns that tight supplies of the new Galaxy model and the weak global economy would pressure earnings at Asia's most valuable technology firm.
Shares in Samsung dropped 4.2 percent yesterday to a four-and-a-half month low, after more brokers cut their quarterly profit outlook. The KOSPI stock index fell 1.2 percent.
"The overall market condition was challenging due to eurozone issues and tight supply of components ... but (our) second-quarter results will be better than the first quarter," JK Shin, head of Samsung's mobile division, said.
Profit from Samsung's mobile division nearly trebled in January-March to US$3.6 billion, accounting for 73 percent of group operating profit.
"Looking beyond its current weakness in the chip sector, it appears investors are also worried that global macroeconomic woes may eat into handset sales in the second half," said Han Seung-hoon, an analyst at Korea Investment & Securities.
Samsung kicked off global sales of its Galaxy S III on May 29, but shipments have been affected by the tight supply of parts such as the handset casing for the pebble-blue model.
In the US, where sales were launched last Thursday, major carriers including Sprint Nextel Corp, T-Mobile and AT&T have not been able to offer the Galaxy with 32 gigabytes of memory, partly due to tight supply.
"Due to overwhelming demand for the Galaxy S III worldwide, Samsung has informed us they will not be able to deliver enough inventory of Galaxy S III for Sprint to begin selling the device on June 21. We are working closely with Samsung on a delivery schedule to support our launch," Sprint said on its website. It has yet to start shipping pre-orders for the 32 GB version.
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