Samsung Electronics posts 40% fall in Q4 net profit

29/01/2016 10:06 AST

Slowing global demand for smartphones as well as memory chips dealt a blow to Samsung Electronics as it reported yesterday a 40% on-year drop in fourth-quarter net profit.

The world’s top handset maker continued to be squeezed at both ends of the lucrative smartphone market with high-end competition from arch-rival Apple matched by cheaper players like China’s Huawei and Xiaomi.

Net profit for October to December stood at 3.22tn won ($2.7bn), below analyst expectations and down 39.7% from a year ago, the company said in a statement.

Operating profit rose 16.1% on-year to 6.1tn won, in line with its earlier estimate.

Samsung lost more than $8.0bn in market value in 2015, with its flagship smartphone business struggling to hold market share.

Sales of the Galaxy S6 — the latest edition of Samsung’s top-of-the-range handset, launched in April — failed to generate much excitement among consumers.

But Samsung was not alone in being forced to come to terms with a slowing market.


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