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Samsung Reported To Have a Record Quarterly Profit

Samsung Electronics is reported to have posted a profit of $6.6 billion in the last three months of 2012 marking a 76% increase from the previous year. This represents a new record quarter for one of the largest smartphone maker in the world, Samsung’s share price had slumped more than 2% by mid-day trading in Seoul after the company predicted consumers will buy fewer smart phones in 2013.

“In the first quarter, demand for smart phones in developed countries is expected to decelerate, while their emerging counterparts will see their markets escalate with the introduction of more affordable smart phones.”

Samsung released its quarterly earnings one day after Apple announced record quarterly earnings of $13.1 billion in its last quarter. Apple is a big rival of Samsung and both companies are facing quite touch competition in international smartphone market.

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