Samsung's share price leaps as it unveils profit boost

 
Emma Haslett
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The company's Galaxy range faces rivalry from Apple (Source: Getty)

Korean electronics giant and Apple arch-nemesis Samsung said today that it expects sales of 50-52 trillion won (£28.1bn-£29.2bn) in the third quarter of this year.

Shareholders reacted with enthusiasm to the trading update, pushing the company's Korean-listed shares up 8.7 per cent.

The company added that it expects operating profit for the quarter to be in the region of 7.2 trillion won -7.4 trillion won.

Samsung's share price was hit in July after it cut prices on some of its flagship smartphone models, as Apple's iPhone 6 began to take market share from Samsung's Galaxy range.

The company now faces further competition from Apple's iPhone 6s, launched last month. Apple revealed that driven by enthusiasm in China, the phone had sold 13m units in its first weekend - a record for Apple.

But that's not the only arena where Samsung is fighting Apple: the company unveiled its latest Apple Watch killer, the Gear, at the beginning of last month.

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