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Samsung Electronics reports sharp drop in profit

  • The third quarter profits of Samsung Electronics have fallen to their lowest levels in over three years due to a slowdown in sale of smartphones, media reports say. 

    In accordance with its earlier estimates, the South Korean firm reported a 60% drop in profit to $3.8 billions in the three months ending September.

    Shares of the smartphone-maker have fallen by 20% this year.

    In a statement the firm said though it anticipated a growth in demand for Galaxy Note 4 and other new models, “uncertainty remains.”

     

    Tagged as: third quarter profits, Samsung Electronics, smartphones, South Korean, Galaxy Note 4, business news