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Samsung Sells Record 68.8 Million Phones In Q4

Samsung Electronics, which makes chips, TVs and mobile phones, reported that annual profit jumped 75 percent to a five-year high of 9.7 trillion won ($8.3 billion) on record sales of 89.8 trilion won.

It said mobile-phone shipments climbed 31 percent to a record 68.8 million, and that telecom income rose sevenfold to about 990 billion won. That beat the 742 billion won median estimate in a Bloomberg survey of 21 analysts, reported Bloomberg.

Samsung’s strong performance followed results at competitors such as Apple (NSDQ: AAPL), Nokia (NYSE: NOK) and LG Electronics (SEO: 066570) as shipments in the handset industry rose an estimated 10 percent, the first increase since the third quarter of 2008.