Samsung Electronics is reported to have posted a profit of $6.6 billion in the last three months of 2012 marking a 76% increase from the previous year.
While this represents a new record quarter for the world’s largest maker of smart phones, Samsung’s share price had slumped more than 2% by mid-day trading in Seoul after the company predicted consumers will buy fewer smart phones in 2013.
“The furious growth spurt seen in the global smart phone market last year is expected to be pacified by intensifying price competition compounded by a slew of new products,” said Samsung in a press release.
“In the first quarter, demand for smart phones in developed countries is expected to decelerate, while their emerging counterparts will see their markets escalate with the introduction of more affordable smart phones.”
Samsung’s quarterly earnings release comes one day after Apple, its biggest rival in the smartphone and tablet markets, also announced record quarterly earnings of $13.1 billion in its last quarter.