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Samsung Q4 Profits Higher Than Expected on Strong Galaxy Sales

Samsung Electronics Co. (005930), the world’s largest maker of mobile phones and TVs, reported higher-than- expected fourth-quarter earnings as sales of Galaxy smartphones withstood the debut of Apple Inc. (AAPL)’s iPhone 5.

Operating profit rose 89 percent to a record 8.8 trillion won ($8.3 billion) in the three months ended December, Samsung said in a statement of preliminary results today. That compares with the 8.5 trillion-won average of 35 analyst estimates compiled by Bloomberg. The Suwon, South Korea-based company didn’t give net income or divisional figures.

Source: Bloomberg. Read full article. (link)

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