Samsung announces record profits

Strong sales of Galaxy phones propelled Samsung's quarterly profit to a record high, but its shares dropped today on the prospect its growth would slow in an increasingly crowded smartphone market.

Samsung Electronics said July-September net profit nearly doubled to 6.56 trillion won (€4.58bn) from 3.44 trillion won (€2.4bn) a year earlier. Revenue for the third quarter climbed 26% to 52.2 trillion won (€36.4bn).