Samsung expects $8.3 bn profit backed by galaxy sales

Samsung expects $8.3 bn profit backed by galaxy sales Zeebiz Bureau

New Delhi: South Korean electronics manufacturer Samsung Electronics expects a quarterly profit of USD 8.3 billion backed by sales of its galaxy range of smartphones, as per a news wire report.

The stock dipped 1.1 percent on Tuesday, in a Seoul market that was down 0.4 percent.

Samsung has outpaced Apple - its biggest rival and biggest customer - despite the US firm's launch of the latest iPhone 5, with sales momentum boosted by its Galaxy Note II phone-cum-tablet, or 'phablet', in the fourth quarter. IPhone 5 sales were a little below expectations, analysts said.

Samsung, valued at close to USD 230 billion, gave its October-December earnings guidance on Tuesday, ahead of the full earnings release expected by January 25.

With Agency Inputs