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Samsung posts 26.8 percent fall in Q4 net profit

Customers walk past a Samsung outlet/FILE

Customers walk past a Samsung outlet/FILE

Samsung Electronics posted Thursday a 26.8 percent fall in fourth quarter net profit as the world’s top smartphone maker continued to battle escalating competition from Apple and Chinese firms.

Net profit for October to December amounted to 5.3 trillion won ($4.8 billion), the South Korean electronics giant said in a statement.

Operating profit dropped 36.4 percent on-year to 5.3 trillion won, largely in line with its earlier forecast.

Sales fell 11 percent to 52.7 trillion won.

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