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Samsung's mobile woes drag on profit growth

Net income attributable to the shareholders of the parent company for the second quarter of 2018 rose 1.68 percent to 10.98 trillion Korean won from 10.80 trillion won previous year. The unit generated 11.6 trillion won in profits, about 80 percent of its total income.

While the company's memory chip business is doing well, sales of its flagship Galaxy S9 smartphone and display panels are slipping after the company saw huge profit growth in 2017.

The mobile business booked a 34 percent fall in operating profit to 2.7 trillion won (US$2.4 billion) in the second quarter, its biggest decline since the Galaxy S7 was Samsung's flagship model early a year ago. Samsung is once again expected to beat Apple in the operating profit category but by a difference of a hairline. for Q3 2018 which means a ratio of 25 percent.

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Outlook for the memory chip market remained rosy on demand for server and PC memories as well as new mobile phone launches.

Demand for smartphones and tablets is forecast to increase in the second half as the market enters a period of strong seasonality, but competition is seen intensifying as new smartphone models are released.

The local currency's weakness to its major peers, except the greenback, negatively influenced a net 400 billion won (358 million USA dollars) worth of operating profit compared with the prior quarter.

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KyeongTae Lee, vice president of Samsung's mobile business, told analysts: "We are hoping that such adoption will serve as a catalyst in the stagnated mobile market". The device sports 18.5:9 screen providing almost 15% more display area without increasing the overall size of the handset, the company said. Its sales record is expected to be the lowest since the S3 in 2012. The new change in price is also reflecting on Flipkart. The mobile business booked 2.7 trillion won in quarterly operating profit.

The disappointment was greater in Samsung's information technology and communications business, which includes its smartphones. Behind the achievement is the company's past investments, as well as a super cycle in the chip industry that drove profits across the sector.

Hot on the heels of announcing their new flagship Galaxy Tab S4 tablet, Samsung is announcing another, cheaper option.

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Samsung also said it would pay out dividends of 354 won per share for the second quarter on August 20.

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