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Samsung Electronics fourth-quarter profit sags as smartphone growth concern deepens
January 24, 2014 / 12:01 AM / 4 years ago

Samsung Electronics fourth-quarter profit sags as smartphone growth concern deepens

The company logo is displayed at the Samsung news conference at the Consumer Electronics Show (CES) in Las Vegas January 7, 2013. REUTERS/Rick Wilking

SEOUL (Reuters) - Samsung Electronics Co Ltd posted its first decline in quarterly profit in two years, hit by a one-off special bonus as well as slowing smartphone sales as it braces for a year of tougher competition with rival Apple Inc.

The South Korean maker of Galaxy-brand smartphones said October-December operating profit fell 6 percent on year to 8.3 trillion won ($7.73 billion), in line with its previous estimate.

Operating profit at its cash cow mobile division stood unchanged at 5.47 trillion won, but slipped 18 percent from July-September’s record 6.7 trillion won as new iPhones from Apple drew away sales during the year-end holiday period.

Shares of Samsung Electronics, worth $204 billion, closed down 2.2 percent on Thursday, compared with the benchmark index which was 1.2 percent lower.

Reporting by Miyoung Kim; Editing by Christopher Cushing

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