Samsung shares slip as company boasts record sales

<p>Shares in Samsung have slipped as the company boasts record sales for the third quarter.</p>

Samsung's shares have slipped on the Frankfurt Stock Exchange this morning (October 26th) after the company announced that it has enjoyed record sales.

Over the course of the third quarter of the year the technology giant sold 56.3 million smartphones, including its popular Galaxy S III, representing nearly one-third (31.3 per cent) of the global market.

This is more than twice the 15 per cent share belonging to Apple, Samsung's biggest rival.

The South Korean business stated its communications operations took in 26.25 trillion won (£14.8 billion) in the third quarter, accounting for more than half the company's total.

Senior vice-president Robert Yi remarked: "The business environment remained difficult … however, we continued to break our quarterly profit records."

At 09:15 BST, Samsung's shares were lower by 1.5 per cent to €456.50 apiece, but the firm has not yet fallen too far from its 52-week high of €483.20, which is achieved in August.

Find the latest spread betting strategies for the Dax index at City Index.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.