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Samsung has reported record quarterly profits up 76 per cent on the back of Galaxy smartphone sales, but warned there were signs that future growth could be held back by intensifying competition.
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The note of caution follows soon after Apple’s iPhone sales disappointed investors.
“The furious growth spurt seen in the global smartphone market last year is expected to be pacified by intensifying price competition, compounded by a slew of new products,” Samsung said in its earnings statement.
It said that the strongest growth in the future would come in the market for low cost handsets in developing countries.
“In the first quarter, demand for smartphones in developed countries is expected to decelerate, while their emerging counterparts will see their markets escalate with the introduction of more affordable smartphones and a bigger appetite for tablet PCs throughout the year,” Samsung told investors.
While Apple’s iPhone 5 failed to meet expectations, sales of Samsung’s broad Galaxy range continued to power the Korean giant’s rise to the top tier of global technology firms.