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Samsung squeezed by iphones and cheaper Chinese handsets


economy

Samsung squeezed by iphones and cheaper Chinese handsets

Korean electronics giant Samsung’s net profit fell by eight percent in the second quarter – the fifth successive quarterly drop for the company.

Profit for the quarter from April to June fell to 4.47 billion euros, or 4.9 billion dollars, down eight percent from last year.

The results are broadly in line with the South Korean earnings forecast earlier this month.

Samsung used to dominate the smartphone market but since 2013 its share has fallen due to intense competition from Apple and cheaper Chinese handsets.

The company’s best performer over the past three months was its semiconductor department.

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