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Latest Business News: Samsung Overtakes Apple as World's Most Profitable Smartphone Maker

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Latest Business News: Samsung Overtakes Apple as World's Most Profitable Smartphone Maker

Latest Business News: Samsung Overtakes Apple as World's Most Profitable Smartphone Maker
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Latest Business News: Samsung Overtakes Apple as World's Most Profitable Smartphone Maker

Wochit 1:00 mins

Apple has lost another battle in its ongoing war with Samsung. Research firm Strategy Analytics revealed that for the first time in four years, Apple is no longer the most profitable smartphone maker in the world. During the second quarter, Samsung's global handset operating profits hit $5.2 billion while Apple's operating profit stood at $4.6 billion. Wall Street was set for a lower open as the market took a breather from a recent rally that has taken the S&P 500 up 18.5 percent for the year, and as investors digested a slew of major earnings. Game giant Activision Blizzard, publisher of Call of Duty and World of Warcraft, is spending $5.83 billion to buy back roughly 429 million shares from majority shareholder Vivendi.

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