Samsung Electronics' 2Q profit jumps 48 percent

(AP) SEOUL, South Korea - Samsung Electronics said its second quarter profit rose 48 percent over a year earlier as customers flocked to get Galaxy smartphones in the absence of competitors.

The South Korean firm said Friday its net profit reached 5.2 trillion won ($4.5 billion) in the April-June quarter on revenue of 47.6 trillion won.

The earnings figure was a 3 percent rise from the previous quarter but was lower than a market consensus of 5.6 trillion won.

Samsung said its operating profit reached 6.7 trillion won, matching its guidance earlier this month.

Samsung said its mobile business that makes the Galaxy S3 smartphone was responsible for more than 60 percent of its operating profit, helping the firm outdo rivals even at one of the most challenging times for the global tech industry.

[CaptainSmollett]

It is notable that the South Korean corporate tax rate is significantly lower than in the U.S.

Luckily for them, they don't have to contend Obama's economic policies of tax, regulate, confuse, and redistribute.