Smartphone Slowdown Hits Profits at Samsung Electronics
- Growing threats from Chinese phone and TV makers add to woes
- Chips give South Korean tech giant reason to stay upbeat
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The slowdown in the global smartphone market is starting to take a toll on Samsung Electronics Co.
The South Korean company’s net income fell short of analysts’ estimates as the sluggish market hit demand for its Galaxy devices, even as Chinese rivals step up their competition. Net income was 11 trillion won ($9.8 billion) in the three months ended June, compared with the 11.6 trillion won average of estimates compiled by Bloomberg.