Samsung Profit Climbs 42 Percent on Smartphone Sales

Samsung Electronics Co. said its first-quarter net profit rose 42 percent from a year earlier on strong smartphone sales, but the pace of earnings growth slowed, highlighting stiff competition.

South Korea’s biggest company by market capitalization has been betting on its new smartphone, the Galaxy S4, to drive sales in the current quarter, but its plans hit a temporary hiccup after some U.S. wireless carriers said this week they are facing delays in selling the new device.

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