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Samsung Electronics profit falls to lowest in three years | Samsung Electronics profit falls to lowest in three years |
(about 1 month later) | |
Samsung Electronics has seen its quarterly operating profit fall to its lowest level in more than three years because of slowing smartphone sales. | Samsung Electronics has seen its quarterly operating profit fall to its lowest level in more than three years because of slowing smartphone sales. |
The South Korean company said profit fell 60% to 4.1tn won ($3.8bn; £2.5bn) in the three months to September. | The South Korean company said profit fell 60% to 4.1tn won ($3.8bn; £2.5bn) in the three months to September. |
The results were in line with the firm's preliminary estimates released earlier this month. | The results were in line with the firm's preliminary estimates released earlier this month. |
Shares of the world's biggest smartphone-maker have lost nearly 20% of their value this year. | Shares of the world's biggest smartphone-maker have lost nearly 20% of their value this year. |
Samsung's mobile division, its biggest business, has been struggling to maintain its dominance against rivals such as Apple, which recently released the new iPhone 6. | Samsung's mobile division, its biggest business, has been struggling to maintain its dominance against rivals such as Apple, which recently released the new iPhone 6. |
Its flagship Galaxy smartphone line has been losing market share to Chinese smartphone-makers Xiaomi and Lenovo, which sell cheaper models that also have large screens and multiple features. | |
Samsung said market competition is "expected to further intensify". | Samsung said market competition is "expected to further intensify". |
"Although the company anticipates a demand growth for the recently launched Galaxy Note 4 and new middle-end smartphone models, uncertainty remains," the firm said in a statement. | "Although the company anticipates a demand growth for the recently launched Galaxy Note 4 and new middle-end smartphone models, uncertainty remains," the firm said in a statement. |
It said the year-end surge in competitor smartphone launches "may require a potential increase in marketing expenses associated with year-end promotions". | It said the year-end surge in competitor smartphone launches "may require a potential increase in marketing expenses associated with year-end promotions". |
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