Samsung's Galaxy phones spurs record $7.3 billion profit

  • Samsung reported quarterly profit of $7.3 billion on Friday, a fourth straight record quarter and nearly double last year's figure.

    The rise comes as strong sales of its Galaxy smartphones offset reduced orders for chips and screens from Apple, the South Korean group's main rival and biggest customer.

    However, the record run is set to come to a halt in the current quarter as Samsung spends more to stave off Apple's latest iPhone and other rival products in the global smartphone market.

    This year's expected record profit of $25 billion will also result in higher performance related payouts to many of Samsung's 206,000 employees early next year.

    The company may also have to put money aside if it fails to overturn an August 24 U.S. court ruling that awarded more than $1 billion in damages to Apple for patent infringements by Samsung.