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September 1, 2015

Samsung sees $44bn wiped of it its value since April

The company's shares declined 8.1% in August.

By Vinod

Samsung Electronics has reportedly lost approximately $44bn in market value since April, as lower demand for its new Galaxy smartphones led to a fifth straight monthly drop.

Bloomberg reported that the company’s shares declined 8.1% this month, extending its longest losing streak since December 1983.

The South Korean firm lost $12bn in market value in August alone as it faced stiff competition from Apple and Chinese counterparts.

The news agency reported that Samsung’s decision to compete with Apple and advance the release of new Galaxy smartphones failed to revive its fortunes.

Samsung reported a 8% drop in its second quarter net profit to $4.9bn, a loss blamed on the stiff competition from cheaper devices in the market.

The company experienced a short fall in supplies of curved screens used in the Galaxy S6 Edge, affecting its results in Q2.

Last month, Samsung unveiled the Galaxy S6 edge+ and Galaxy Note5 smartphones, targeting the big screen smartphone, or ‘phablet’, market.

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