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News : Samsung profit hit as smartphone growth slows

Samsung profit hit as smartphone growth slows

samsungThe success of its Galaxy smartphones has seen Samsung become the world's biggest phone maker

Profits at Samsung Electronics fell 20% in the second quarter, hurt mainly by a slowdown in smartphone sales.

It made a net profit of 6.25 trillion won ($6.1bn; £3.6bn) in the April-to-June period, down from 7.77 trillion won a year ago.

When compared to the previous quarter, its profit was down 17%.

Samsung is the world's biggest maker of mobile phones and the handset division accounts for the bulk of its profits.

"The second quarter was affected by several factors including the slow global sales of smartphones and tablets and escalating marketing expenditure to reduce inventory," the firm said in a statement.

Samsung's growth in recent years has been powered mainly by its mobile phone division.

The success of its Galaxy range of smartphones, coupled with a growing global demand for such gadgets, saw it displace Nokia as the world's biggest mobile phone maker in 2012.


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