SEOUL (Reuters) – Samsung Electronics warned of a smaller mobile business profit on Thursday as its rival Apple gave a positive iPhone sales outlook, dampening hopes new models will help the world’s largest smartphone vendor finally get back on a growth track. Investors have pinned their hopes on a recovery in the mobile business that once made up over half of Samsung’s profit, as its chip operation remains in the doldrums due to over-supply and weak global demand. Strong sales of the Galaxy Note 10 smartphone helped the South Korean firm report its best mobile business profit in six quarters in the three months ended in September, as it recovers from a battery explosion scandal in late 2016 that hurt sales. The mobile business posted a 32% rise in operating profit to 2.9 trillion won ($2.5 billion) in the third quarter, the highest since the first quarter of 2018. But Samsung warned that fourth-quarter mobile earnings would decline as marketing costs rise and sales of flagship models soften from their post-launch peaks. The downbeat forecast came hours after Apple Inc said holiday-quarter sales would beat Wall Street expectations, citing demand for services, wearables and its latest iPhones. “The new smartphone… Read full this story
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