On Friday, Samsung provided a preliminary financial update for the first quarter of 2013 and Wall Street reacted with exuberance.
The South Korean tech giant reported sales of approximately $46 billion, which is 15% higher than earnings recorded in Q1 of 2012.
Of critical importance is Samsung’s operating profit of $7.7 billion. This figured topped Wall Street expectations and represented 53% growth over the first quarter of 2012.
Samsung’s quarter was boosted by gadgets and electronics other than its top-of-the-line Galaxy S smartphone. Sales of the Galaxy S III and Galaxy S Note tablets have slumped recently as consumers held out for updates to these devices.
CNN Money reported Friday that Samsung’s strong showing today is applying significant pressure to its chief tech rival Apple, which will report earnings from its fiscal second-quarter on April 23.