Samsung sees fourth-quarter earnings sink 40%

Published: Thursday 28th January 2016 by The News Editor

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Samsung Electronics’ earnings for the final quarter of 2015 have plunged 40% compared with a year earlier.

The South Korean company said its October-December net profit was 3.2 trillion won (£1.9 billion). The result falls short of expectations – analysts expected 5.05 trillion won in net income, according to financial data provider FactSet.

Sales were up 1% to 53.3 trillion won while operating income rose 16% to 6.1 trillion won, in line with its earnings preview earlier this month.

The latest results reflect new challenges for Samsung as two core businesses, smartphones and semiconductors, face a slowdown.

Weakening global demand for smartphones is taking a toll on Samsung’s sales of mobile components to companies like Apple, as well as sales of Samsung’s own mobile devices.

Published: Thursday 28th January 2016 by The News Editor

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