Samsung takes bigger bite from Apple's share
Published 27/10/2012 | 05:00
SAMSUNG, the world's biggest maker of TVs and mobile phones, reported record profits that beat analysts' estimates and forecast intensifying competition as the global economy slows.
Net income in the three months that ended September 30 soared 91pc to 6.56 trillion won (€4.6bn), the South Korean company said.
Operating profit from telecoms more than doubled as Samsung's Galaxy phones and tablets widened their lead over Apple's iPhone. Samsung shares dropped amid concern growth in smartphone demand may have peaked after Apple reported earnings that missed estimates and Microsoft released its Surface tablet, escalating competition for mobile devices.
"The problem is the worry about the smartphone market peaking," said Lee Jin Woo, a fund manager at Seoul-based KTB Asset Management.
Samsung shipped 56.9 million smartphones in the third quarter, giving it a record 35pc market share, compared with 17pc for Apple. (Bloomberg)