Samsung Elec reports record Q3, says smartphone sales to slow

Samsung forecast on Friday that strength in its bread-and-butter chip business would continue in the current quarter, while growth in smartphones would slow from intensifying competition during the year-end holiday season - Reuters Photo.

SEOUL: Samsung Electronics Co Ltd's quarterly operating profit surged 26% to a new record, matching estimates and powered by a strong recovery in its memory chip business as smartphone sales growth eases sharply.

The smartphone leader has posted a record profit in six of the past seven quarters but may find it hard to extend its winning streak without a new hit gadget, after less-than-spectacular launches of its Galaxy Gear smartwatch and Galaxy Round curved phone in recent months.