Samsung operating profit falls to lowest in 3 yearsOctober 30, 2014 - 08:24 AMT PanARMENIAN.Net - Samsung Electronics has seen its quarterly operating profit fall to its lowest level in more than three years because of slowing smartphone sales, BBC News reports. The South Korean company said profit fell 60% to 4.1tn won ($3.8bn) in the three months to September. The results were in line with the firm's preliminary estimates released earlier this month. Shares of the world's biggest smartphone-maker have lost nearly 20% of their value this year. Samsung's mobile division, its biggest business, has been struggling to maintain its dominance against rivals such as Apple, which recently released the new iPhone 6. Its flagship Galaxy smartphone line has been losing market share to Chinese smartphone-makers Xiaomi and Lenovo, which sell cheaper models that also have large screens and multiple features. Samsung said market competition is "expected to further intensify". "Although the company anticipates a demand growth for the recently launched Galaxy Note 4 and new middle-end smartphone models, uncertainty remains," the firm said in a statement. It said the year-end surge in competitor smartphone launches "may require a potential increase in marketing expenses associated with year-end promotions". Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Up to 1% cashback when shopping on Wildberries with IDBank cards IDBank is launching an exclusive campaign on Wildberries for online shopping enthusiasts. Pasadena to host Armenian Genocide commemoration event The Pasadena Armenian Coalition will host its community-wide Armenian Genocide Commemorative Event. Armenia: Opposition activist transferred to Investigative Committee Activist Samvel Vardanyan has been accused of insulting the lawmaker Hakob Aslanyan from the ruling Civil Contract party. Russia confirms start of withdrawal of peacekeepers from Karabakh The Kremlin has confirmed reports about the start of the withdrawal of Russian peacekeeping forces in Karabakh. |