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Samsung Profit Misses Estimates on Smartphone Slump, Chip Prices

Samsung blames deteriorating global economy, eroding demand for computers and smartphones, and depressed component prices. It joins Apple in giving a gloomy assessment of electronics demand, with Apple saying its current-quarter sales will fall.

“Samsung Electronics Co. posted fourth-quarter profit that missed analysts’ estimates as slowing demand for high-end smartphones crimped sales of its own devices and prices for key components. Net income, excluding minority interests, was 3.24 trillion won ($2.7 billion) in the three months ended December, the Suwon, South Korea-based company said in a filing Thursday.”

Read More at Bloomberg