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Smartphone success sends Samsung profits soaring

Samsung Electronics has forecast a 53 per cent jump in profits for the first quarter of 2013 from the same time last year, continuing its upward trend.

The South Korean firm has revealed that it expects to bring in 8.7 trillion won (£5 billion) of operating profits during the first three months of the year - up from the 5.7 trillion won (£3 billion) it earned during the first quarter of 2012.

Unsurprisingly, much of that growth was fuelled by Samsung’s success in the smartphone market, where it recently edged out Apple to become the world’s largest vendor.

According to some analyst estimates, Samsung shipped between 68 million and 70 million handsets during the quarter, more than double Apple’s estimated 30 million smartphones sold during the same period. Whereas the iPhone is Apple’s only smartphone, Samsung has a wide range of mobiles on offer, spanning feature phones to a growing Galaxy S range. The Samsung Galaxy S4, unveiled last month, is expected to carry on the blockbuster tradition.

In addition to smartphones and other consumer electronics, Samsung is also a manufacturing powerhouse, selling processors and other components to other firms, including Apple.

Samsung will release its official earnings results for the quarter on 26 April.