Samsung said its net profit for Q1 dropped to $1.72 billion as mainstay computer chip prices fell, but Samsung sold 34.8 million mobile phones during the quarter--a company record. The company attributed the growth to its high-end Ultra line of phones as well as its lower-end mass market models. Handset shipments for 2007 should "easily exceed" the current target of 133 million units. The company also expects other parts of the company, like the memory business and chipset business will rebound.

For more on Samsung's Q1:
- check out this article from the San Jose Mercury News (sub. req.)