NEW YORK - Nokia Corp., Motorola Inc. and other handset makers rose along with the broader market Friday following Samsung Electronics' report that its mobile phone sales rose 22 percent in the second quarter.
Samsung's handset sale figures were released as it reported overall second-quarter results that disappointed investors, and saw its shares fall more than 6 percent Friday to 576,000 won ($568) in South Korea.
The company said it sold 45.7 million mobile phones in the second quarter, up 22 percent from the year-ago period. This was slightly lower than the 46.3 million the company sold in the first quarter, due to weaker demand in the U.S. and China.
But Samsung expects handset market demand to improve in the second half of the year, "driven by seasonality, emerging market demand, and new product launches despite global macroeconomic and inflation-related concerns," wrote Wachovia Capital Markets analyst David Wong in a note to investors.
Chi Young-cho, senior vice president for Samsung's telecommunication business, said he is confident the company will sell 200 million handsets this year.
Nokia Corp.'s U.S. shares rose 85 cents, or 3.1 percent, to $28.14, adding to Thursday's gains. The Finnish company's shares had gotten a lift after the company settled a long-standing dispute with Qualcomm Inc. over licensing fees.
Motorola's shares rose 12 cents to $7.27 in afternoon trading Friday. Shares of Palm Inc. rose 7 cents to $5.76.
Samsung's handset sale figures were released as it reported overall second-quarter results that disappointed investors, and saw its shares fall more than 6 percent Friday to 576,000 won ($568) in South Korea.
The company said it sold 45.7 million mobile phones in the second quarter, up 22 percent from the year-ago period. This was slightly lower than the 46.3 million the company sold in the first quarter, due to weaker demand in the U.S. and China.
But Samsung expects handset market demand to improve in the second half of the year, "driven by seasonality, emerging market demand, and new product launches despite global macroeconomic and inflation-related concerns," wrote Wachovia Capital Markets analyst David Wong in a note to investors.
Chi Young-cho, senior vice president for Samsung's telecommunication business, said he is confident the company will sell 200 million handsets this year.
Nokia Corp.'s U.S. shares rose 85 cents, or 3.1 percent, to $28.14, adding to Thursday's gains. The Finnish company's shares had gotten a lift after the company settled a long-standing dispute with Qualcomm Inc. over licensing fees.
Motorola's shares rose 12 cents to $7.27 in afternoon trading Friday. Shares of Palm Inc. rose 7 cents to $5.76.
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