Samsung Electronics reported second quarter net income of 2.14 trillion won ($2.1 billion) up from 1.42 trillion won ($1.4 billion) a year ago. The 51 percent jump was boosted by handset sales as well as liquid crystal displays. Sales, meanwhile, rose 24 percent to 18.14 trillion won ($18 billion). Still, the company missed analyst forecasts, which estimated profits of 2.36 trillion won ($2.33 billion).

Highlights from Samsung’s Handset Unit:

— Handset Sales Up: Handset sales rose 28 percent year on year to 5.40 trillion won ($5.33 billion). Sequentially, this was a 5 percent increase from 2.223 trillion won ($2.2 billion).

— Units Shipped Up: Samsung shipped 45.7 million units in the quarter, a 22 percent jump year on year, and a 1 percent decline form the previous quarter. The company blamed the slight drop on the worsening global economy and weak seasonal demand.

— Mid, High-End Phones Boost Unit: Developed markets were holding up thanks to “better” sales of mid and high-end phones. The company has sold over a million of its Soul slider handsets, which have a 5 megapixel camera and video capability. It also saw a 24 percent sequential increase in sales of its 3 megapixel camera phone, and 41 percent increase quarter on quarter in its 3G handsets.

— Average Selling Price Up Slightly: ASP rose to $143, a 1.4 percent increase from last quarter’s ASP of $141, thanks to increased sales of high end phones—such as the Soul and F480.

In a separate news story reported in the Korea Times, Samsung said it has sold 150 million phones in the US, eleven years after entering the market. The Korean electronics giant said it surpassed the 10 million mark in 2001, and the 100 million milestone by December 2006, selling an additional 50 million in the next 19 months. A company spokesperson said the company was “positive” on selling some 30 million more this year through its partners AT&T (NYSE: T) and Verizon (NYSE: VZ). She also reported that the touchscreen Instinct—reportedly selling out at Sprint (NYSE: S), and the Blackjack were “gaining in popularity.”

Presentation | Conference Call