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Samsung Electronics Co. posted record earnings as sales of its smartphones surged, widening the company’s global lead as its latest Galaxy handset hits stores to take on Apple Inc. in the U.S.

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Net income rose 42% from a year earlier to 7.15 trillion won (US$6.4 billion) in the three months ended March, Samsung said in a statement today. Sales of its smartphones jumped 56% to 69.4 million units, almost double the number of iPhones sold by Apple, Strategy Analytics said.

Demand for Samsung’s devices, including the flagship Galaxy S4 that went on sale today and cheaper phones targeting emerging markets, are stoking sales in the US$358 billion handset market and driving most of the Suwon, South Korea-based company’s profits. Samsung said competition in the market, which is already slowing Apple’s growth, may intensify this year.