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Galaxy phones power Samsung to record profit

Galaxy phones power Samsung to record profit
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Selling almost 500 handsets a minute, Samsung has predicted its fourth quarter profit will be the equivalent of 6.3 billion euros.

The world leader in mobile phones and memory chips also credited greater demand for the flat screens it makes for mobile devices, including for rival Apple.

Samsung’s sales momentum was boosted by its Galaxy Note II phone-cum-tablet, in the fourth quarter.

The South Korean firm’s share price hit an all time high last week and rose 44 percent last year.

The stock closed down 1.3 percent on Tuesday, in a Seoul market that fell 0.7 percent.

“Investors are a bit concerned that Samsung’s momentum may slow in the first half. The smartphone market is unlikely to sustain its strong growth as advanced markets are nearing saturation despite growth in emerging countries,” said Kim
Sung-soo, a fund manager at LS Asset Management.

While Apple rolled out just a single new smartphone last year globally, Samsung bombarded the market with 37 variants tweaked for regional and consumer tastes, from high-end smartphones to cheaper low-end models.

By comparison, Taiwan’s HTC released 18 models, Nokia 9 and LG 24.

Samsung gave its October-December earnings guidance on Tuesday, ahead of the full earnings release expected by Jan. 25.