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Samsung Sees 8% Profit Drop

Samsung Sees 8% Profit Drop

Samsung has seen its net profit fall by 8% for the second quarter of the year.

From April to June profits fell to 5.75tn won, equivalent to £3.2bn, which is down 8% from last year.

The firm's smartphone department has recently suffered from stiff competition from Apple's iPhone and profit for the mobile division fell to 2.76tn won from 4.42tn won last year.

The tech giant said the sales of its Galaxy S6 smartphone fell short of expected results as the company could not meet the demand for its flagship model.

Park Jin Young, the vice president for mobile business, said the company hopes its phone sales increase in the next quarter with a new large screen and budget models.

Samsung's profits have fallen since late 2013 due to increasing competition in the smartphone market.


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