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Samsung says 4Q profit down 6 percent, likely due to weaker smartphone and display business
Reported by: Associated Press
Reported: Monday, January 6, 2014 7:21 PM EST
SEOUL, South Korea
Samsung Electronics Co. says its fourth-quarter operating profit has declined 6 percent over a year earlier.
Sales rose 5 percent to 59 trillion won ($55.4 billion) for the October-December period.
Analysts said Samsung's profit fell because its businesses supplying advanced displays and chips for iPhones and Galaxy smartphones posted smaller profit with slowing demand for high-end smartphones. They said Samsung's smartphone business making Galaxy smartphones and Galaxy Gear smartwatches was not as lucrative as before because of higher marketing costs.
Samsung will disclose details of its earnings including net profit later this month.