Samsung warns of bleak 2016 for tech sector

Seoul

SAMSUNG Electronics Co warned of slowing demand and economic turbulence after its quarterly earnings missed analysts' estimates, joining Apple Inc in foretelling a downbeat 2016 for the technology sector.

The Korean conglomerate, whose quarterly profit fell short of expectations by almost 40 per cent, said the deteriorating global economy was eroding demand for computers and smartphones and depressing component prices.

Samsung will invest in new screen and semiconductor technologies such as foldable displays to try and boost profit, executives said on a conference call.

Samsung's warning came days after Apple - its biggest customer according to data compiled by Bloomberg - predicted its first sales decline in a decade. Chief executive Tim Cook said the company was seeing "extreme conditions" unlike anything th…