After Its Latest Plunge, Is the Worst Over for Samsung?
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After a rotten summer, investors in Samsung Electronics have been suffering through a rotten autumn. The Korean company’s stock price fell to a 52-week low on Wednesday and since early June has dropped 23 percent. To make matters worse, archrival Apple is up 10 percent in the same period.
Today’s swoon follows Samsung’s announcement on Tuesday that sales in the quarter ended in September fell about 20 percent, with earnings plunging 60 percent, to 4.1 trillion won ($3.8 billion). Samsung hasn’t yet revealed details of the results, which will come later this month. Still, chances are good that the once high-flying smartphone business accounts for a good chunk of the bad news.