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January 8, 2016updated 31 Aug 2016 10:44am

Samsung’s Q4 operating profit misses expectations

News: Earlier this week, the company warned of increased competition in 2016.

By CBR Staff Writer

Samsung Electronics said its operating profit in the fourth quarter of 2015 was likely to be around KRW6.1 trillion ($5bn), an increase of 15% from the same period a year ago.

The guidance is, however, lower than analyst estimates, and far less than the nearly 80% growth the company reported in third quarter operating profit.

Sales were likely to be KRW53 trillion in the quarter, up from KRW52.7 trillion for the same period last year.

Samsung is due to post its final earnings later this month. The company expects worldwide economic growth to remain weak this year.

The company’s employees have been urged to identify new ways for handling increasing competition in the company’s main businesses.

Earlier this week, Samsung vice chairman and co-CEO Kwon Oh Hyun said products like smartphones, memory chips and televisions will face increased competition in 2016.

Samsung is facing tough competition from its rivals such as Apple and other firms.

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The company is anticipated to unveil the latest model in the Galaxy S series at the next month’s Mobile World Congress trade fair in Barcelona.

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