Samsung posts fourth straight record profit as Galaxy sales continue to surge

Korean electronics supremo Samsung posted its fourth consecutive record quarterly profit today, with insiders tipping the success of devices like the Galaxy S3 and Galaxy Note 2 as key reasons behind the firm's spectacular Q3 2012 results.

Samsung announced a new record net profit of $7.4 billion (£4.59bn) for the period running July-September, according to Reuters, on the back of smartphone shipments of 56.3 million units.

"The business environment remained difficult with global economic uncertainties persisting amid the fiscal concerns in the US and Europe. However, we continued to break our quarterly profit records," said Robert Yi, senior vice president and head of investor relations at Samsung.

"We will do our best to sustain our earnings momentum throughout the fourth quarter by implementing strategies we have developed for our businesses," he added.

The financial news will no doubt be especially satisfying for Samsung given that bitter rival Apple concurrently posted its second straight disappointing set of results. The Cupertino-based company blamed below-par iPad sales on consumers waiting for the iPad mini, which was unveiled earlier this week.

However, going into Q4 2012, Samsung's record breaking run could be in peril as a combination of Apple's new products - particularly the iPhone 5 - and the latest Android devices like the LG Nexus 4 begin to ebb away at sales of Galaxy products.

On the other hand, Samsung could continue to go from strength-to-strength, enjoying a strong holiday season on the back of Galaxy S3 refreshes - including the Galaxy S3 mini - and other products like its latest Chromebook laptop.

"Looking ahead, for the remaining quarter, year-end seasonality will push up demand for mobile devices including tablet PCs, as new products make their way into markets with more competitive pricing," Samsung ventured in a statement.