Smartphones drive record Samsung profit

Samsung Electronics posted a record $4.7 billion quarterly operating profit, driven by booming smartphone sales, and will spend $22 billion this year to boost production of chips and flat screens to pull further ahead of smaller rivals.

The South Korean firm, the world's top technology firm by revenue, is locked in breakneck competition with Apple Inc in the red-hot smartphone market. Apple, overtaken by Samsung in the third quarter, regained its crown as the world's biggest maker of smartphones in the fourth quarter, with record sales of 37.04 million iPhones. Samsung didn't give its own sales volume data, but research firm Strategy Analytics put sales at 36.5 million smartphones in October-December, with 3rd-ranked Nokia on 19.6 million. Smartphones account for around 40 percent of all Samsung's handset shipments.