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Samsung warns of bleak 2016 for tech sector

Quarterly profit down 39%; company joins Apple Inc in forecasting a gloomy year ahead

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Published Thu, Jan 28, 2016 · 09:50 PM

    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.

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