Samsung reports record quarterly profits but shares tumble

Samsung yesterday reported record quarterly profits but its shares tumbled on doubts its mainstay smartphone business can maintain rapid growth.

Samsung estimated its April- June operating profit at a record high of 9.5tn won (€6.4bn). That is a 47% jump from a year earlier and 8% growth from the previous quarter.

But it fell short of forecasts by analysts who held higher expectation for the world’s largest smartphone maker.