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Slow smartphone growth hits Samsung profit

  • 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.”

    Tagged as: South Korea, Samsung Electronics, profits, second quarter, smartphones, currency, slowdown, business news