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Samsung profit sets record on smartphone sales

By Jun Yang
Bloomberg News / July 6, 2012
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Samsung Electronics Co., the world’s largest maker of televisions and mobile phones, posted a record quarterly profit that beat analysts’ estimates as surging sales of Galaxy smartphones helped it challenge Apple Inc.’s iPhone. Operating profit totaled $5.9 billion in the three months ended in June, a 79 percent jump from a year earlier. Earnings at the mobile-phone business more than doubled, with products such as the Galaxy Note helping the company mask a slump in profit from semiconductor sales, analysts said. While seeking to cement its dominance in TVs with new models, Samsung is targeting record phone sales this year to keep its lead over Apple.

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