Samsung profit drops for first time in over two years

|About: Samsung Electronics Co., ... (SSNLF)|By:, SA News Editor

Samsung (SSNLF) suffered its first fall in profits in nine quarters in Q4, with the company's operating income dropping to a provisional 8.1-8.5T won ($7.6-8B) from 8.84T won a year earlier and missing consensus of 10T won.

Revenue increased 5.3% to 58-60T won from 56.1T won but undershot forecasts of 61.5T and represented the slowest growth since 2011.

The decline in profits comes amid stiff competition at the high and low ends of the smartphone market, and after greater-than-expected bonus payments to workers.

Samsung's full results are due out on January 24.

Shares dropped 0.2% in Seoul. (PR)