Samsung’s 4th quarter profit dips for 1st time in 2 years
SEOUL, South Korea (AP) -- South Korean electronics powerhouse Samsung says that for the first time in more than two years, its quarterly net profit declined from the previous quarter.
The maker of the Galaxy smart phone said Friday that its net earnings for the October-December period fell 11 percent from the third quarter to 7.3 trillion won ($6.8 billion). That’s the first time in nine quarters that profits didn’t grow from the previous quarter.
Compared to a year earlier, earnings inched up 4 percent.
The results fell short of market expectations. Analysts polled by FactSet expected earnings of 7.5 trillion won.
Samsung blamed the strong won, high marketing costs to promote Galaxy devices and other one-time expenses.
Sales rose 6 percent over a year earlier to 59.3 trillion won.
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