Samsung earnings fall as mobile business takes a hit

  • Samsung Electronics has posted its first decline in annual earnings in three years, according to media reports.

    Its fourth quarter net profit was down 27% from the same period last year to $4.8 billion.

    The South Korean firm’s profit of 25 trillion won for the entire year was the lowest recorded since 2011.

    The tech giant is the world’s largest smartphone manufacturer. Its mobile business revenue, however, dropped by a steep 23% in the October to December quarter.

    According to analysts, it is the expanding Chinese market that affected the profit of Samsung.

    Tagged as: Samsung Electronics, annual earnings, fourth quarter, net profit, South Korean firm, smartphone manufacturer, mobile business, revenue, business news