Slowing global demand for smartphones as well as memory chips dealt a blow to Samsung Electronics as it reported yesterday a 40% on-year drop in fourth-quarter net profit. 
The world’s top handset maker continued to be squeezed at both ends of the lucrative smartphone market with high-end competition from arch-rival Apple matched by cheaper players like China’s Huawei and Xiaomi. 
Net profit for October to December stood at 3.22tn won ($2.7bn), below analyst expectations and down 39.7% from a year ago, the company said in a statement. 
Operating profit rose 16.1% on-year to 6.1tn won, in line with its earlier estimate. 
Samsung lost more than $8.0bn in market value in 2015, with its flagship smartphone business struggling to hold market share. 
Sales of the Galaxy S6 — the latest edition of Samsung’s top-of-the-range handset, launched in April — failed to generate much excitement among consumers. 
But Samsung was not alone in being forced to come to terms with a slowing market.