Slow smartphone growth hits Samsung profit
July 31 , 2014
Samsung Electronics has reported a 20% drop in profits in the second quarter, which is being attributed to a decline in sale of smartphones and a stronger Korean currency.
The company’s net profit for the April-June period was 6.25 trillion won, down from 7.77 trillion won in the same period last year.
Samsung is the largest maker of cell phones in the world.
In a statement, the South Korean firm said that the factors affecting the second quarter, included “the slow global sales of smartphones and tablets and escalating marketing expenditure to reduce inventory.”