Samsung misses net estimates, loses ground to Apple

Seoul

SAMSUNG Electronics Co's first quarter profit missed analysts' estimates as consumers switched to Apple Inc's larger iPhones and cheaper Chinese devices using Google's Android.

Net income, excluding minority interests, fell 40 per cent to 4.52 trillion won (S$5.6 billion) for the three months ended March, the Suwon, South Korea-based company said in a filing on Tuesday. That compares with the 4.9 trillion-won average of 23 estimates compiled by Bloomberg and is the fourth straight decline.