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Samsung profits down as smartphone growth flattens


Samsung Electronics profits dropped slightly over its first financial quarter of 2014, as the Korean electronics giant failed to avoid the global trend of slowing smartphone growth. Quarterly revenues grew from 52.87 trillion won to 53.68 trillion won ($52.04 billion) year over year, but profits dipped to 8.49 trillion won ($8.23 billion), down from 8.78 trillion won in Q1 2013. As usual, the bulk of the companys money came from smartphone and tablet sales, which were flat-to-down year-over-year, reflecting what Samsung calls lower demand due to weak seasonality. Next quarter, it expects to see only a slight increase in demand when compared to the corresponding period in 2013. Samsungs cash pile increased to almost $60 billion this quarter — thats up from around $43 billion this time last year.

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