Samsung profits drop as it faces the iPhone 6
Samsung Electronics registered its sixth straight quarterly decline in profits in the first three months of this year as competition bit into its key smartphone and display businesses.The company said net profit during the January to March quarter fell 39 percent on the same period last year to 4.6 trillion won (US$4.3 billion). Revenue was 47 trillion won, down 12 percent, in line with guidance issued earlier in April.Samsung is under fierce pressure in the smartphone sector, where low-cost Chinese rivals are eroding sales at the low-end while Apple is winning customers at the high end.The company doesn’t disclose precise smartphone sales figures, but it said it sold 99 million phones of all types during the quarter. Of those, the share of smartphones was in the “mid 80s percent,” it said in a conference call with investors.To read this article in full or to leave a comment, please click here