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Published on January 29th, 2015 | by The GC Team

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Samsung net profit dented by declining smartphone sales

Samsung Electronics has reported year-on-year net profit down 27% to KRW 23.4 trillion from KRW 30.5 trillion in 2013, due in part to a decline in mobile phone sales.

Mobile phone sales for the year fell 21% to KRW 107.41 trillion, compared to KRW 135.35 trillion in 2013, as the company failed to compete against lower cost rivals, particularly in the Chinese market. Operating profit for the year fell from KRW 24.96 trillion to KRW 14.56 trillion.

Total sales at Samsung fell from KRW 228.69 trillion in 2013 to KRW 206.21 trillion in 2014. Operating profit declined from KRW 36.79 trillion to KRW 25.03 trillion.

The news comes on the same day that LG posted a 24% increase in smartphone sales and an overall 125% increase in net profit year on year.

Yesterday, Apple said it achieved record quarterly revenue and net profit for its fiscal 2015 first quarter ended 27 December 2014, stating that iPhone unit sales of 74.5 million also set a new record.

In its Q1 outlook for 2015, Samsung said it expects a decrease in smartphone and tablet demand under weak seasonality and it would strive to improve earnings with growth in smartphone shipments with the expansion of A-series models.

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