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October 4, 2013

Samsung expects record profits

Handset manufacturer predicts £5.8bn profit for third quarter.

By Joe Curtis

Samsung expects to see record profits for the third quarter, it has announced.

The smartphone maker has forecast an operating profit of £5.8bn, up 25% on the same period last year.

Its prediction has surpassed many analysts’ expectations, amid concern that its growth rate is slowing despite the success of its Galaxy handset.

The Galaxy S4 was launched last month and the range rivals Apple’s iPhone series, while lower-cost smartphones have been targeted at emerging markets such as India and China.

It also launched the Galaxy Gear – its first smartwatch – in September, becoming the first major firm to bring such wearable technology to the market.

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