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January 4, 2016updated 31 Aug 2016 12:05pm

Samsung warns of tough 2016 as competition increases

News: The company is expected to unveil earnings guidance for the October-December period by the end of this week.

By Vinod

Samsung Electronics expects worldwide economic growth to remain weak this year and has urged employees to identify new ways for handling increasing competition in the company’s main businesses.

The company’s vice chairman and co-CEO Kwon Oh Hyun said products like smartphones, memory chips and televisions will face increased competition in 2016.

Oh Hyun was quoted by Bloomberg as saying, "The territories of industries are collapsing. We have to compete in a new way that we’ve never experienced in the past.

"The competition landscape is changing to software and platforms, so we need to build a new system and competence," Oh Hyun said.

The company is expected to unveil official earnings guidance for the October-December period by the end of this week.

The South Korean firm lost over $8bn in market value last year as sales of S6 and Note 5 devices faced stiff competition from new models of Apple and other Chinese manufacturers.

As part its turn around plans, Samsung recently replaced the head of its phone operations with Koh Dong Jin.

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