Samsung on course for record profit

Samsung Electronics is raising the stakes in its battle with Apple by predicting that operating profits will double in the first three months of the year to a record $5.1 billion (£3.2bn).

The South Korean technology company is the world’s biggest manufacturer of memory chips but its Galaxy smartphone, Note tablet and television businesses have been its big successes, contributing to a 21.6 per cent rise in sales.

Samsung now has a fifth of the smartphone market, having accounted for just only three per cent in 2009.

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