Strong smartphone sales raise hopes of Samsung turnaround

SEOUL: Strong sales of Samsung Electronics’ Galaxy Note 10 smartphone series are limiting forecast profit falls at the South Korean tech giant, raising hopes it is getting back on a growth track after years of moribund sales.

Samsung, the world’s largest smartphone maker, is powering ahead with the launch of 5G phones and $2,000 foldable handsets as it heats up competition with rivals U.S. Apple and China’s Huawei following a battery explosion scandal in 2017 that hurt sales.

Analysts said the strategy may be paying off as the company on Tuesday flagged a smaller-than-expected fall in third quarter operating profit, saying at the same time that sales of the Note 10 both at home and in Europe had been strong since the Aug. 23 launch.