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Samsung Electronics flags 30.5 percent on-year drop in Q1 profit

Samsung Electronics on Tuesday flagged a 30.5 percent on-year fall in operating profit for the first quarter, as the world’s top mobile producer continued to battle stiff competition from Chinese makers and arch rival Apple.

The South Korea tech giant estimated an operating profit of around 5.9 trillion won ($5.4 billion) for the January-March period, down from 8.49 trillion won a year before.

But in a sign that the company might be turning a corner, the estimate showed an 11.5 percent profit increase from the previous quarter.

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