Samsung shares fall despite forecasting record profits

Shares in Samsung Electronics fell on Friday, despite the company forecasting it would report a record quarterly profit for the second quarter of 9.5tn won (£5.5bn), up 47% on a year ago.

But the news fell short of analysts’ expectations and the shares fell by nearly 4% on the Seoul stock market.

The company was preparing to announce 20m shipments of its new Galaxy S4 phone, two months after its release but analysts are increasingly concerned that Samsung, like its principal smartphone rival Apple, is facing saturated markets in the developed world as ownership passes 50% in many countries.

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