Samsung enjoys record profit increase

Mobile unit producer Samsung has posted a record profit jump, with smartphone profits up by 38% compared to 2009.

The company posted profits for the fourth quarter of 2010 of $1.3 billion, driven by 280 million sales of their popular handsets, including the Galaxy S. The quarterly sales of mobile devices stood at 80.7 million units, a 17% increase over last year.

Both the mobile Galaxy S and the Galaxy Tab tablet sold strongly, with the Galaxy S shipping 10 million units.

The company expects to ship fewer units at the start of the year before sales pick up again towards the summer. The projected sales stand at 60 million units.

Samsung vice president Robert Yi stated that “Despite the difficult business environment including reduced IT demand caused by the economic slowdown, we achieved record-high results both in terms of sales and operating profit in 2010.”

The company recently announced their Vision 2020 scheme, a plan of expansion and innovation involving their already-hefty research and development budget. The company is aiming to accrue a total profit of $400 billion by 2020, as well as entering the top five of the world's leading brands.

The company hopes to achieve with a lauded new approach to doing business, consisting of three tenets, named “Creativity”, “Partnership” and “Talent”.

A statement on the Samsung website reads; “Samsung is excited about the future. As we build on our previous accomplishments, we look forward to exploring new territories, including health, medicine, and biotechnology. Samsung is committed to being a creative leader in new markets and becoming a truly No. 1 business going forward.”