Galaxy phones power Samsung to record $5.15 billion profit
South Korea’s Samsung Electronics Co posted a record $5.15 billion quarterly profit and predicted its Galaxy smartphones, which outsell Apple’s iPhone and will be upgraded next week, will bulk up earnings this quarter.
Samsung and Apple have carved out a near duopoly in the high-end smartphone market, as rivals struggle to introduce compelling models that can really compete. The duo controlled 90 percent of the market last year and that is not expected to change much this year or next, according to Bernstein analysts.
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