Samsung forecasts a 60pc fall in quarterly profit

Samsung Electronics has forecast a 60 per cent fall in quarterly operating profit from a year ago, missing estimates, because of slowing Galaxy smartphone sales. The world's biggest mobile phones and TV maker said it expects an operating income of 4.1tn won ($3.8bn; £2.5bn) for the three months to September. That is below analysts' expectations for earnings of 5.2tn won. The company's full financial results will be released later this month. Samsung's mobile division, its biggest business, has been struggling to maintain its dominance against rivals such as Apple and Chinese smartphone-makers Xiaomi and Lenovo. Its flagship Galaxy smartphone line has been losing market share to cheaper models that also have large screens and multiple features. The South Korean company said quarterly sales amounted to 47tn won, which was below analyst estimates for 50.3tn won, according to BBC.