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Samsung Galaxy S3 drives huge profit, but phone boom is over

Samsung reveals £4.2bn profit thanks to the Samsung Galaxy S3 and chums, but warns the smart phone boom could be over.

Recession? What recession? Days after Apple announced record numbers, Samsung also announced massive profits thanks to the Samsung Galaxy S3 and its smart phone chums -- but warns the smart phone bonanza could be coming to an end.

Samsung reveals that in the last three months of 2012 it made £4.2bn in profit, up a whopping 76 per cent over the same period last year, and driven by phenomenal sales of Android-powered Samsung Galaxy smart phones.

Although Samsung didn't reveal exact numbers of phones sold, we do know that the Galaxy S3 has sold 40 million since it launched in May 2012. And Samsung sells more phones than anyone else, having overtaken Nokia last year.

This week Apple also announced its numbers, and has once again done boffo business, taking £34.4bn and keeping an eye-watering £8.3bn in profit. Like Samsung, Apple's success is in large part thanks to smart phones and mobile devices with the phenomenal popularity of the iPhone 5 and iPad.

But the bonanza won't last forever: Samsung warns, "The furious growth spurt seen in the global smartphone market last year is expected to be pacified by intensifying price competition, compounded by a slew of new products."

Samsung reckons that the future lies in the developing world. While in the short term "demand for smartphones in developed countries is expected to decelerate, their emerging counterparts will see their markets escalate with the introduction of more affordable smartphones and a bigger appetite for tablet PCs throughout the year."

Microsoft also announced its results this week, but declined to reveal how many Surface tablets its sold.

Samsung is a massive company, making stuff beyond phones such as phone screens and a plethora of other electronics. And tanks. Press play on our video for the fascinating story of the company behind your smart phone:

Now playing: Watch this: History of Samsung

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