Samsung Galaxy sales surge

Investor's Business Daily

The South Korean electronics giant, Apple's (AAPL) main rival, said quarterly profit soared during the holiday period, boosted by sales of its hot Galaxy smartphones, which outsold the iPhone for the 4th quarter in a row. Samsung Electronics' net profit last quarter was $6.6 bil, up 76% from a year earlier, topping estimates, on 19% higher sales. Samsung, however, said it expects earnings to decline this quarter from seasonally low demand for consumer electronics. Apple shares fell 2.4% to 439.88.

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