Samsung Nearly Doubles Profits, Outlook Expected to Fall

“SEOUL, South Korea (AP) — Strong sales of Galaxy phones propelled Samsung’s quarterly profit to a record high, but its shares dropped Friday on the prospect its growth will slow in an increasingly crowded smartphone market.

Samsung Electronics Co. said July-September net profit nearly doubled to 6.56 trillion won ($5.97 billion) from 3.44 trillion won a year earlier. Revenue for the third quarter climbed 26 percent to 52.2 trillion won.

The company’s shares fell 2 percent in Seoul after the earnings announcement. Analysts said investors are worried that the widespread adoption of smartphones in developed markets and heightened competition from rivals could squeeze profit from the lucrative smartphone business. Samsung and Apple Inc. together account for nearly half of global smartphone sales.”

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