Samsung Electronics Co. announced today that it expected to achieve record operating profits in the third quarter of this year. Representatives for the company estimate that Samsung will make $9.4 billion in Q3, which is higher than analysts’ estimates and a 25 percent increase over same-quarter profits last year. The increase was probably driven by rising chip and semiconductor prices, not increased units sold, as Samsung’s Galaxy S mobile phones struggle to expand market share in an increasingly competitive environment. Looking ahead, investors will have to hope the company’s other divisions can become more profitable to continue to boost share price.
Weaker-than-expected service industry growth combined with fears of the government shutdown leading to a recession caused stocks to drop today, sending the S&P 500 down almost one percent for its biggest decline in more than a month.
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