Samsung expects another record quarterly profit on Galaxy sales

Korean electronics giant estimates its third-quarter operating profit at $7.3 billion, a 90 percent increase over the year-ago period.

Samsung Electronics, the world's largest consumer electronics maker, expects to report its fourth consecutive record quarter on surging sales of its Galaxy smartphones despite ongoing legal woes with Apple.

The Korean electronics giant projected Friday that its operating profit totaled $7.3 billion for the third quarter ended September 30, a jump of 90 percent from a year ago to 8.1 trillion won beating analyst expectations of 7.6 trillion won. Third-quarter sales totaled 52 trillion won, compared with an estimate for 51.6 trillion won, the company said in the statement.

The company, the world's largest by revenue, in July credited its mobile business with delivering 63 percent of its operating profit in the second quarter.

Full quarterly results are due October 26.

The company's shares are up more than 7 percent since August 24, when a San Jose, Calif., jury found that Samsung violated Apple patents in its smartphones and awarded Apple more than $1 billion in damages.

 

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