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| Samsung Electronics sees profit fall 8% in the second quarter | Samsung Electronics sees profit fall 8% in the second quarter |
| (about 2 hours later) | |
| Electronics giant Samsung has seen its net profit drop by 8% for the second quarter of the year. | Electronics giant Samsung has seen its net profit drop by 8% for the second quarter of the year. |
| Profit for the quarter from April to June fell to 5.75tn won (£3.2bn, $4.9bn), down 8% from last year. | |
| The results are in line with the South Korean company's earnings guidance, given earlier this month. | The results are in line with the South Korean company's earnings guidance, given earlier this month. |
| The firm's smartphone section continues to suffer from stiff competition from Apple's iPhone and cheaper low to mid-end Chinese rivals. | |
| The result marks the fifth straight quarterly profit drop for the company. | |
| The best performance for the quarter came from its semiconductor department, helping to narrow the profit decline. | |
| Smartphone headwinds | |
| Profit for the mobile division though fell to 2.76tn won from 4.42tn won a year earlier. | |
| Samsung said that sales of its Galaxy S6 smartphone fell short of expectations because the company could not meet the demand for its flagship model. | |
| According to the vice president for mobile business, Park Jin-Young, the company hopes to see its phone sales increase in the coming quarter with new large-screen and budget models to be launched. | |
| Samsung has seen profits sag since late 2013 due to increasing competition in the smartphone market the company had dominated for years. | Samsung has seen profits sag since late 2013 due to increasing competition in the smartphone market the company had dominated for years. |
| The best performance for the quarter came from its semiconductor department, helping to narrow the profit decline. |